Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WABASH NATIONAL CORP /DE | ||
Entity Central Index Key | 879,526 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 819,745,393 | ||
Trading Symbol | WNC | ||
Entity Common Stock, Shares Outstanding | 64,935,898 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 178,853 | $ 146,113 |
Accounts receivable | 152,824 | 135,206 |
Inventories | 166,982 | 177,144 |
Deferred income taxes | 22,431 | 16,993 |
Prepaid expenses and other | 8,417 | 10,203 |
Total current assets | 529,507 | 485,659 |
PROPERTY, PLANT AND EQUIPMENT | 140,438 | 142,892 |
DEFERRED INCOME TAXES | 1,358 | 0 |
GOODWILL | 149,718 | 149,603 |
INTANGIBLE ASSETS | 114,616 | 137,100 |
OTHER ASSETS | 14,489 | 13,397 |
Total Assets | 950,126 | 928,651 |
CURRENT LIABILITIES | ||
Current portion of long-term debt | 37,611 | 496 |
Current portion of capital lease obligations | 806 | 1,458 |
Accounts payable | 79,618 | 96,213 |
Other accrued liabilities | 93,042 | 88,690 |
Total current liabilities | 211,077 | 186,857 |
LONG-TERM DEBT | 275,341 | 324,777 |
CAPITAL LEASE OBLIGATIONS | 1,875 | 5,796 |
DEFERRED INCOME TAXES | 1,497 | 2,349 |
OTHER NONCURRENT LIABILITIES | $ 20,525 | $ 18,040 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock 200,000,000 shares authorized, $0.01 par value, 64,929,510 and 68,998,069 shares outstanding, respectively | $ 715 | $ 709 |
Additional paid-in capital | 642,908 | 635,606 |
Accumulated deficit | (111,907) | (216,198) |
Accumulated other comprehensive loss | (1,500) | (637) |
Treasury stock at cost, 6,638,643 and 1,987,073 common shares, respectively | (90,405) | (28,648) |
Total stockholders' equity | 439,811 | 390,832 |
Total Liabilities and Equity | $ 950,126 | $ 928,651 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 64,929,510 | 68,998,069 |
Treasury stock, shares | 6,638,643 | 1,987,073 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET SALES | $ 2,027,489 | $ 1,863,315 | $ 1,635,686 |
COST OF SALES | 1,724,046 | 1,630,681 | 1,420,563 |
Gross profit | 303,443 | 232,634 | 215,123 |
GENERAL AND ADMINISTRATIVE EXPENSES | 73,495 | 61,694 | 58,666 |
SELLING EXPENSES | 27,233 | 26,676 | 30,597 |
AMORTIZATION OF INTANGIBLES | 21,259 | 21,878 | 21,786 |
OTHER OPERATING EXPENSES | 1,087 | 0 | 883 |
Income from operations | 180,369 | 122,386 | 103,191 |
OTHER INCOME (EXPENSE): | |||
Interest expense | (19,548) | (22,165) | (26,308) |
Other, net | 2,490 | (1,759) | 740 |
Income before income taxes | 163,311 | 98,462 | 77,623 |
INCOME TAX EXPENSE | 59,022 | 37,532 | 31,094 |
Net income | $ 104,289 | $ 60,930 | $ 46,529 |
BASIC NET INCOME PER SHARE | $ 1.55 | $ 0.88 | $ 0.67 |
DILUTED NET INCOME PER SHARE | $ 1.50 | $ 0.85 | $ 0.67 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET INCOME | $ 104,289 | $ 60,930 | $ 46,529 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | (863) | (619) | (266) |
Total other comprehensive (loss) income | (863) | (619) | (266) |
COMPREHENSIVE INCOME | $ 103,426 | $ 60,311 | $ 46,263 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
BALANCES at Dec. 31, 2012 | $ 268,727 | $ 702 | $ 618,550 | $ (323,657) | $ 248 | $ (27,116) |
BALANCES (in shares) at Dec. 31, 2012 | 68,378,984 | |||||
Net income for the year | 46,529 | $ 0 | 0 | 46,529 | 0 | 0 |
Foreign currency translation | (266) | 0 | 0 | 0 | (266) | 0 |
Stock-based compensation | 6,822 | $ 0 | 6,822 | 0 | 0 | 0 |
Stock-based compensation (in shares) | 62,183 | |||||
Stock repurchase | (35) | $ 0 | 0 | 0 | 0 | (35) |
Stock repurchase (in shares) | (3,665) | |||||
Common stock issued in connection with: Stock option exercises | 602 | $ 3 | 599 | 0 | 0 | 0 |
Common stock issued in connection with: Stock option exercises (in shares) | 85,917 | |||||
BALANCES at Dec. 31, 2013 | 322,379 | $ 705 | 625,971 | (277,128) | (18) | (27,151) |
BALANCES (in shares) at Dec. 31, 2013 | 68,523,419 | |||||
Net income for the year | 60,930 | $ 0 | 0 | 60,930 | 0 | 0 |
Foreign currency translation | (619) | 0 | 0 | 0 | (619) | 0 |
Stock-based compensation | 7,718 | $ 4 | 7,714 | 0 | 0 | 0 |
Stock-based compensation (in shares) | 392,470 | |||||
Stock repurchase | (1,497) | $ 0 | 0 | 0 | 0 | (1,497) |
Stock repurchase (in shares) | (113,203) | |||||
Common stock issued in connection with: Stock option exercises | 1,921 | $ 0 | 1,921 | 0 | 0 | 0 |
Common stock issued in connection with: Stock option exercises (in shares) | 195,383 | |||||
BALANCES at Dec. 31, 2014 | 390,832 | $ 709 | 635,606 | (216,198) | (637) | (28,648) |
BALANCES (in shares) at Dec. 31, 2014 | 68,998,069 | |||||
Net income for the year | 104,289 | $ 0 | 0 | 104,291 | 0 | 0 |
Foreign currency translation | (863) | 0 | 0 | 0 | (863) | 0 |
Stock-based compensation | 10,010 | $ 4 | 10,006 | 0 | 0 | 0 |
Stock-based compensation (in shares) | 396,389 | |||||
Stock repurchase | (61,757) | $ 0 | 0 | $ 0 | $ 0 | $ (61,757) |
Stock repurchase (in shares) | (4,651,570) | |||||
Equity component of convertible senior notes repurchase | (4,714) | $ 0 | (4,714) | |||
Common stock issued in connection with: Stock option exercises | 2,012 | $ 2 | 2,010 | $ 0 | $ 0 | $ 0 |
Common stock issued in connection with: Stock option exercises (in shares) | 186,622 | |||||
BALANCES at Dec. 31, 2015 | $ 439,811 | $ 715 | $ 642,908 | $ (111,907) | $ (1,500) | $ (90,405) |
BALANCES (in shares) at Dec. 31, 2015 | 64,929,510 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income | $ 104,289 | $ 60,930 | $ 46,529 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation | 16,739 | 16,951 | 16,550 |
Amortization of intangibles | 21,259 | 21,878 | 21,786 |
Net (gain) loss on the sale of property, plant and equipment | (8,299) | 13 | 140 |
Loss on debt extinguishment | 5,808 | 1,042 | 1,889 |
Deferred income taxes | (7,749) | 16,573 | 30,089 |
Stock-based compensation | 10,010 | 7,833 | 7,480 |
Non-cash interest expense | 5,222 | $ 5,994 | $ 5,817 |
Impairment of intangibles | 1,087 | ||
Changes in operating assets and liabilities | |||
Accounts receivable | (17,618) | $ (14,848) | $ (23,691) |
Inventories | 10,162 | 3,116 | 6,260 |
Prepaid expenses and other | 1,786 | (571) | (3,893) |
Accounts payable and accrued liabilities | (12,243) | (26,787) | 18,082 |
Other, net | 1,342 | 511 | 1,631 |
Net cash provided by operating activities | 131,795 | 92,635 | 128,669 |
Cash flows from investing activities | |||
Capital expenditures | (20,847) | (19,957) | (18,352) |
Acquisitions, net of cash acquired | 0 | 0 | (15,985) |
Proceeds from sale of property, plant and equipment | 13,203 | 87 | 305 |
Other | 0 | 4,113 | 2,500 |
Net cash used in investing activities | (7,644) | (15,757) | (31,532) |
Cash flows from financing activities | |||
Proceeds from exercise of stock options | 2,012 | 1,921 | 600 |
Borrowings under revolving credit facilities | 1,134 | 806 | 1,166 |
Payments under revolving credit facilities | (1,134) | (806) | (1,166) |
Principal payments under capital lease obligations | (4,201) | (1,898) | (1,700) |
Proceeds from issuance of term loan credit facility | 192,845 | 0 | 0 |
Principal payments under term loan credit facility | (194,291) | (42,078) | (62,827) |
Principal payments under industrial revenue bond | (496) | (475) | (381) |
Debt issuance costs paid | (2,587) | 0 | (981) |
Convertible senior notes repurchase | (22,936) | 0 | 0 |
Stock repurchase | (61,757) | (1,497) | (35) |
Net cash used in financing activities | (91,411) | (44,027) | (65,324) |
Net increase in cash and cash equivalents | 32,740 | 32,851 | 31,813 |
Cash and cash equivalents at beginning of year | 146,113 | 113,262 | 81,449 |
Cash and cash equivalents at end of year | 178,853 | 146,113 | 113,262 |
Cash paid during the period for | |||
Interest | 14,578 | 16,136 | 20,913 |
Income taxes | $ 66,283 | $ 20,220 | $ 941 |
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS | 1. DESCRIPTION OF THE BUSINESS Wabash National Corporation (the “Company”) designs, manufactures and markets standard and customized truck and tank trailers, intermodal equipment and transportation related products under the Wabash â , Wabash National â , DuraPlate â , DuraPlate HD â , DuraPlate â XD-35 ® ® ® â , TrustLock Plus â , Transcraft â , Benson ® â Tank, Garsite, Progress Tank, Bulk Tank International, Extract Technology â , and Beall ® |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Consolidation The consolidated financial statements reflect the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany profits, transactions and balances have been eliminated in consolidation. b. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that directly affect the amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from these estimates. c. Revenue Recognition The Company recognizes revenue from the sale of its products when the customer has made a fixed commitment to purchase a product for a fixed or determinable price, collection is reasonably assured under the Company’s normal billing and credit terms and ownership and all risk of loss has been transferred to the buyer, which is normally upon shipment to or pick up by the customer. Revenues on certain contracts are recorded on a percentage of completion method, measured by either actual labor incurred to the estimated total labor or actual total cost incurred to the total estimated costs for each project. Revenues exclude all taxes collected from the customer. Shipping and handling fees are included in Net Sales Cost of Sales d. Used Trailer Trade Commitments and Residual Value Guarantees The Company has commitments with certain customers to accept used trailers on trade for new trailer purchases. These commitments arise in the normal course of business related to future new trailer orders at the time a new trailer order is placed by the customer. The Company acquired used trailers on trade of approximately $ 12.8 26.8 26.2 2.1 10.0 2.2 10.0 e. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with a maturity of three months or less at the time of purchase. f. Accounts Receivable Accounts receivable are shown net of allowance for doubtful accounts and primarily include trade receivables. The Company records and maintains a provision for doubtful accounts for customers based upon a variety of factors including the Company’s historical collection experience, the length of time the account has been outstanding and the financial condition of the customer. If the circumstances related to specific customers were to change, the Company’s estimates with respect to the collectability of the related accounts could be further adjusted. The Company’s policy is to write-off receivables when they are determined to be uncollectible. Provisions to the allowance for doubtful accounts are charged to both General and Administrative Expenses Selling Expenses Years Ended December 31, 2015 2014 2013 Balance at beginning of year $ 1,047 $ 2,058 $ 858 Provision 210 178 908 Write-offs, net of recoveries (301) (1,189) 292 Balance at end of year $ 956 $ 1,047 $ 2,058 g. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) method, or market. December 31, 2015 2014 Raw materials and components $ 65,790 $ 63,847 Work in progress 18,201 23,145 Finished goods 67,260 68,923 Aftermarket parts 8,714 8,446 Used trailers 7,017 12,783 $ 166,982 $ 177,144 h. Prepaid Expenses and Other Prepaid expenses and other as of December 31, 2015 and 2014 were $ 8.4 10.2 . i. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while expenditures that extend the useful life of an asset are capitalized. Depreciation is recorded using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives are up to 33 Cost of Sales General and Administrative Expenses 16.2 16.5 15.7 Property, Plant and Equipment 5.0 10.2 2.6 3.5 December 31, 2015 2014 Land $ 22,978 $ 25,982 Buildings and building improvements 114,216 115,856 Machinery and equipment 220,814 210,488 Construction in progress 13,741 10,518 $ 371,749 $ 362,844 Less: accumulated depreciation (231,311) (219,952) $ 140,438 $ 142,892 j. Intangible Assets Weighted Average Gross Intangible Accumulated Net Intangible Tradenames and trademarks 20 years $ 37,894 $ (9,970) $ 27,924 Customer relationships 10 years 151,634 (76,340) 75,294 Technology 12 years 16,517 (5,119) 11,398 Total 12 years $ 206,045 $ (91,429) $ 114,616 As of December 31, 2014, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Tradenames and trademarks 20 years $ 39,222 $ (8,252) $ 30,970 Customer relationships 10 years 151,839 (58,534) 93,305 Technology 12 years 16,517 (3,692) 12,825 Total 12 years $ 207,578 $ (70,478) $ 137,100 Intangible asset amortization expense was $ 21.3 21.9 21.8 20.0 16.9 15.4 14.5 13.7 1.1 Other Operating Expenses k. Goodwill 9.9 Balance as of December 31, 2013 $ 149,967 Goodwill disposed (500) Effects of foreign currency 136 Balance as of December 31, 2014 $ 149,603 Effects of foreign currency 115 Balance as of December 31, 2015 $ 149,718 Goodwill represents the excess purchase price over fair value of the net assets acquired. The Company reviews goodwill for impairment, at the reporting unit level, annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. In accordance with ASC 350, Intangibles Goodwill and Other The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit's fair value or carrying amount involve significant judgments and assumptions. The judgments and assumptions include the identification of macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and Company specific events and making the assessment on whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. For reporting units in which the Company performs the two-step quantitative analysis, the first step compares the carrying value, including goodwill, of each reporting unit with its estimated fair value. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is greater than the fair value, this suggests that an impairment may exist and a second step is required in which the implied fair value of goodwill is calculated as the excess of the fair value of the reporting unit over the fair values assigned to its assets and liabilities. If this implied fair value is less than the carrying value, the difference is recognized as an impairment loss charged to the reporting unit. In assessing goodwill using this quantitative approach, the Company establishes fair value for the purpose of impairment testing by averaging the fair value using an income and market approach. The income approach employs a discounted cash flow model incorporating similar pricing concepts used to calculate fair value in an acquisition due diligence process and a discount rate that takes into account the Company’s estimated average cost of capital. The market approach employs market multiples based on comparable publicly traded companies in similar industries as the reporting unit. Estimates of fair value are established using current and forward multiples adjusted for size and performance of the reporting unit relative to peer companies. For 2015 and 2013, the Company completed its goodwill impairment testing during the fourth quarter using the qualitative approach. For 2014, the Company completed its testing using the quantitative assessment. Based on the testing performed in each of these years, the Company believes it is more likely than not that the fair value of its reporting units are greater than their carrying amount. As such, no impairment of goodwill was recognized in 2015, 2014 or 2013. Furthermore, in 2014, the Company’s Retail reporting unit recognized a partial disposal of goodwill in the amount of $ 0.5 l. Other Assets The Company capitalizes the cost of computer software developed or obtained for internal use. Capitalized software is amortized using the straight-line method over three to seven years. As of December 31, 2015 and 2014, the Company had software costs, net of amortization, of $ 2.7 2.2 0.6 0.5 0.7 m. Long-Lived Assets Long-lived assets, consisting primarily of intangible assets and property, plant and equipment, are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. n. Other Accrued Liabilities Other Accrued Liabilities December 31, 2015 2014 Payroll and related taxes $ 34,427 $ 30,362 Warranty 19,709 15,462 Customer Deposits 14,877 21,680 Accrued taxes 8,075 8,371 Self-insurance 7,677 7,494 All other 8,277 5,321 $ 93,042 $ 88,690 Other Accrued Liabilities 2015 2014 Balance as of January 1 $ 15,462 $ 14,719 Provision for warranties issued in current year 9,714 7,058 Recovery of pre-existing warranties (409) (296) Payments (5,058) (6,019) Balance as of December 31 $ 19,709 $ 15,462 The Company offers a limited warranty for its products with a coverage period that ranges between one and five years, except that the coverage period for DuraPlate ® Other Accrued Liabilities Self-Insurance Accrual Balance as of January 1, 2014 $ 9,399 Expense 34,662 Payments (36,567) Balance as of December 31, 2014 $ 7,494 Expense 40,023 Payments (39,840) Balance as of December 31, 2015 $ 7,677 The Company is self-insured up to specified limits for medical and workers’ compensation coverage. The self-insurance reserves have been recorded to reflect the undiscounted estimated liabilities, including claims incurred but not reported, as well as catastrophic claims as appropriate. o. Income Taxes The Company determines its provision or benefit for income taxes under the asset and liability method. The asset and liability method measures the expected tax impact at current enacted rates of future taxable income or deductions resulting from differences in the tax and financial reporting basis of assets and liabilities reflected in the Consolidated Balance Sheets. Future tax benefits of tax losses and credit carryforwards are recognized as deferred tax assets. Deferred tax assets are reduced by a valuation allowance to the extent management determines that it is more-likely-than-not the Company would not realize the value of these assets. The Company accounts for income tax contingencies by prescribing a “more-likely-than-not” recognition threshold that a tax position is required to meet before being recognized in the financial statements. p. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents and customer receivables. We place our cash and cash equivalents with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables. q. Research and Development Research and development expenses are charged to earnings as incurred and were $ 4.8 1.7 2.5 r. Reclassification of Prior Year Presentation Certain prior year amounts were reclassified for consistency with the current period presentation. These reclassifications did not materially impact the consolidated financial statements. s. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue Recognition Revenue from Contracts with Customers (Topic 606), In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern In April 2015, the FASB issued ASU No. 2015-03, Imputation of Interest Imputation of Interest, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Agreements In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. |
PER SHARE OF COMMON STOCK
PER SHARE OF COMMON STOCK | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
PER SHARE OF COMMON STOCK | 3. PER SHARE OF COMMON STOCK Years Ended December 31, 2015 2014 2013 Basic net income per share Net income applicable to common stockholders $ 104,289 $ 60,930 $ 46,529 Undistributed earnings allocated to participating securities - (481) (457) Net income applicable to common stockholders excluding amounts applicable to participating securities $ 104,289 $ 60,449 $ 46,072 Weighted average common shares outstanding 67,201 68,895 68,460 Basic net income per share $ 1.55 $ 0.88 $ 0.67 Diluted net income per share: Net income applicable to common stockholders $ 104,289 $ 60,930 $ 46,529 Undistributed earnings allocated to participating securities - (481) (457) Net income applicable to common stockholders excluding amounts applicable to participating securities $ 104,289 $ 60,449 $ 46,072 Weighted average common shares outstanding 67,201 68,895 68,460 Dilutive shares from assumed conversion of convertible senior notes 1,128 1,354 63 Dilutive stock options and restricted stock 1,039 814 558 Diluted weighted average common shares outstanding 69,368 71,063 69,081 Diluted net income per share $ 1.50 $ 0.85 $ 0.67 Average diluted shares outstanding for the periods ended December 31, 2015, 2014 and 2013 exclude options to purchase common shares totaling 666 581 1,121 11.70 |
LEASE ARRANGEMENTS
LEASE ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
LEASE ARRANGEMENTS | 4. LEASE ARRANGEMENTS Capital Operating Leases Leases 2016 943 3,458 2017 594 2,688 2018 453 1,267 2019 361 628 2020 361 137 Thereafter 389 - Total minimum lease payments $ 3,101 $ 8,178 Interest (420) Present value of net minimum lease payments $ 2,681 Total rental expense was $ 6.2 5.8 4.6 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | 5. DEBT December 31, 2015 2014 Convertible senior notes $ 131,000 $ 150,000 Term loan credit agreement 191,399 192,845 Industrial revenue bond 1,149 1,645 $ 323,548 $ 344,490 Less: unamortized discount (10,596) (19,217) Less: current portion (37,611) (496) $ 275,341 $ 324,777 2016 37,611 2017 2,466 2018 97,856 2019 1,928 2020 1,928 Thereafter 181,759 Maturities of long-term debt $ 323,548 Convertible Senior Notes In April 2012, the Company issued Convertible Senior Notes due 2018 150 3.375 The Notes are convertible by their holders into cash, shares of the Company’s common stock or any combination thereof at the Company’s election, at an initial conversion rate of 85.4372 1,000 11.70 20 30 130 1,000 98 November 1, 2017 1 It is the Company’s intent to settle conversions through a net share settlement, which involves repayment of cash for the principal portion and delivery of shares of common stock for the excess of the conversion value over the principal portion. The Company used the net proceeds of $ 145.1 The Company accounts separately for the liability and equity components of the Notes in accordance with authoritative guidance for convertible debt instruments that may be settled in cash upon conversion. The guidance required the carrying amount of the liability component to be estimated by measuring the fair value of a similar liability that does not have an associated conversion feature. The Company determined that senior, unsecured corporate bonds traded on the market represent a similar liability to the Notes without the conversion option. Based on market data available for publicly traded, senior, unsecured corporate bonds issued by companies in the same industry and with similar maturity, the Company estimated the implied interest rate of the Notes to be 7.0 123.8 150.0 21.7 145.5 On December 15, 2015, the Company executed agreements with existing holders of the Notes to repurchase $ 54.2 19.0 22.9 35.2 0.2 Other, net The Company applies the treasury stock method in calculating the dilutive impact of the Notes. For the year ended December 31, 2015, the Notes had a dilutive impact. December 31, 2015 2014 Principal amount of convertible notes outstanding $ 131,000 $ 150,000 Unamortized discount of liability component (9,732) (15,399) Net carrying amount of liability component 121,268 134,601 Less: current portion (35,165) - Long-term debt $ 86,103 $ 134,601 Carrying value of equity component, net of issuance costs $ 15,810 $ 20,993 Remaining amortization period of discount on the liability component 2.3 years 3.3 years Years Ended December 31, 2015 2014 2013 Contractual coupon interest expense $ 5,063 $ 5,063 $ 5,063 Accretion of discount on the liability component $ 4,256 $ 3,973 $ 3,710 Revolving Credit Agreement On June 4, 2015, the Company entered into a Joinder and First Amendment to Amended and Restated Credit Agreement, First Amendment to Amended and Restated Security Agreement and First Amendment to Amended and Restated Guaranty Agreement (the “Amendment”) by and among the Company, certain of its subsidiaries designated as Loan Parties (as defined in the Amendment), Wells Fargo Capital Finance, LLC, as arranger and administrative agent (the “Agent”), and the other Lenders party thereto. The Amendment amends, among other things, the Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), dated as of May 8, 2012, among the Company, certain subsidiaries of the Company from time to time party thereto (together with the Company, the “Borrowers”), the several lenders from time to time party thereto, and the Agent and provides for, among other things, a five 175 The Amendment, among other things (i) increases the total commitments under the Credit Facility from $ 150 175 In addition, the Amendment (i) provides that borrowings under the Credit Facility will bear interest, at the Borrowers’ election, at (x) LIBOR plus a margin ranging from 150 basis points to 200 basis points (in lieu of the previous range from 175 basis points to 225 basis points), or (y) a base rate plus a margin ranging from 50 basis points to 100 basis points (in lieu of the previous range from 75 basis points to 125 basis points), in each case, based upon the monthly average excess availability under the Credit Facility, (ii) provides that the monthly unused line fee shall be equal to 25 basis points (which amount was previously 37.5 basis points) times the average unused availability under the Credit Facility, (iii) provides that if availability under the Credit Facility is less than 12.5% (which threshold was previously 15%) of the total commitment under the Credit Facility or if there exists an event of default, amounts in any of the Borrowers’ and the subsidiary guarantors’ deposit accounts (other than certain excluded accounts) will be transferred daily into a blocked account held by the Agent and applied to reduce the outstanding amounts under the Credit Facility, (iv) provides that the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.1 1.0 12.5 The Credit Agreement is guaranteed by certain of the Company’s subsidiaries (the “Revolver Guarantors”) and is secured by (i) first priority security interests (subject only to customary permitted liens and certain other permitted liens) in substantially all personal property of the Borrowers and the Revolver Guarantors, consisting of accounts receivable, inventory, cash, deposit and securities accounts and any cash or other assets in such accounts and, to the extent evidencing or otherwise related to such property, all general intangibles, licenses, intercompany debt, letter of credit rights, commercial tort claims, chattel paper, instruments, supporting obligations, documents and payment intangibles (collectively, the “Revolver Priority Collateral”), and (ii) second-priority liens on and security interests in (subject only to the liens securing the Term Loan Credit Agreement, customary permitted liens and certain other permitted liens) (A) equity interests of each direct subsidiary held by the Borrower and each Revolving Guarantor (subject to customary limitations in the case of the equity of foreign subsidiaries), and (B) substantially all other tangible and intangible assets of the Borrowers and the Revolving Guarantors including equipment, general intangibles, intercompany notes, insurance policies, investment property, intellectual property and material owned real property (in each case, except to the extent constituting Revolver Priority Collateral) (collectively, the “Term Priority Collateral”). The respective priorities of the security interests securing the Credit Agreement and the Term Loan Credit Agreement are governed by an Intercreditor Agreement between the Revolver Agent and the Term Agent (as defined below) (the “Intercreditor Agreement”). Subject to the terms of the Intercreditor Agreement, if the covenants under the Credit Agreement are breached, the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding and foreclose on collateral. Other customary events of default in the Credit Agreement include, without limitation, failure to pay obligations when due, initiation of insolvency proceedings, defaults on certain other indebtedness, and the incurrence of certain judgments that are not stayed, satisfied, bonded or discharged within 30 days. As of December 31, 2015 and 2014 the Company had no material outstanding borrowings under the Credit Agreement and was in compliance with all covenants. The Company’s liquidity position, defined as cash on hand and available borrowing capacity on the revolving credit facility, amounted to $ 347.9 Term Loan Credit Agreement In May 2012 the Company entered into a credit agreement among the Company, the several lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, joint lead arranger and joint bookrunner (the “Term Agent”), and Wells Fargo Securities, LLC, as joint lead arranger and joint bookrunner (the “Term Loan Credit Agreement”), which initially provided, among other things, for a senior secured term loan facility of $ 300 In April 2013, the Company entered into Amendment No.1 to Credit Agreement (the “Amendment”), which became effective on May 9, 2013. As of the Amendment date, there was $ 297.0 20.0 277.0 On March 19, 2015, the Company entered into Amendment No. 2 to Credit Agreement (“Amendment No. 2”). As of the Amendment No. 2 date, there was $ 192.8 192.8 March 19, 2022 91 125 0.25 1.00 3.25 2.25 Amendment No. 2 also provides for a 1% prepayment premium applicable in the event that the Company enters into a refinancing of, or amendment in respect of, the Tranche B-2 Loans on or prior to the first anniversary of the effective date of Amendment No. 2, or March 19, 2016, that, in either case, results in the all-in yield (including, for purposes of such determination, the applicable interest rate, margin, original issue discount, upfront fees and interest rate floors, but excluding any customary arrangement, structuring, commitment or underwriting fees) of such refinancing or amendment being less than the all-in yield (determined on the same basis) on the Tranche B-2 Loans. Additionally, Amendment No. 2 amends the Term Loan Credit Agreement by (i) removing the maximum senior secured leverage ratio test, (ii) modifying the accordion feature, as described in the Term Loan Credit Agreement, to provide for a senior secured incremental term loan facility in an aggregate amount not to exceed the greater of (A) $ 75 The Term Loan Credit Agreement, as amended, is guaranteed by the Term Guarantors and is secured by (i) first-priority liens on and security interests in the Term Priority Collateral, and (ii) second-priority security interests in the Revolver Priority Collateral. In addition, the Term Loan Credit Agreement, as amended, contains customary covenants limiting the Company’s ability to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock, enter into transactions with affiliates, merge, dissolve, pay off subordinated indebtedness, make investments and dispose of assets. Subject to the terms of the Intercreditor Agreement, if the covenants under the Term Loan Credit Agreement, as amended, are breached, the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding and foreclose on collateral. Other customary events of default in the Term Loan Credit Agreement, as amended, include, without limitation, failure to pay obligations when due, initiation of insolvency proceedings, defaults on certain other indebtedness, and the incurrence of certain judgments that are not stayed, satisfied, bonded or discharged within 60 days. During the second quarter of 2015 and in connection with the $ 13.1 10.0 For the years ended December 31, 2015, 2014 and 2013, under the Term Loan Credit Agreement the Company paid interest of $ 8.5 10.0 14.9 1.4 42.1 62.8 1.9 1 For the years ended December 31, 2015, 2014 and 2013, the Company charged $ 0.2 0.9 0.9 Interest Expense 5.3 Other, net 0.9 Other Debt Facilities In November 2012, the Company entered into a loan agreement with GE Government Finance, Inc., as lender and the County of Trigg, Kentucky as issuer for a $ 2.5 4.25 1.1 0.5 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 6. FAIR VALUE MEASUREMENTS The Company’s fair value measurements are based upon a three-level valuation hierarchy. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: ⋅ Level 1 Valuation is based on quoted prices for identical assets or liabilities in active markets; ⋅ Level 2 Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument; and ⋅ Level 3 Valuation is based upon other unobservable inputs that are significant to the fair value measurement. Recurring Fair Value Measurements The Company maintains a non-qualified deferred compensation plan which is offered to senior management and other key employees. The amount owed to participants is an unfunded and unsecured general obligation of the Company. Participants are offered various investment options with which to invest the amount owed to them, and the plan administrator maintains a record of the liability owed to participants by investment. To minimize the impact of the change in market value of this liability, the Company has elected to purchase a separate portfolio of investments through the plan administrator similar to those chosen by the participant. The investments purchased by the Company (asset) as of December 31, 2015, include mutual funds, $ 1.1 8.4 0.4 7.4 Nonrecurring Fair Value Measurements Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company reviews for goodwill impairment annually and whenever events or changes in circumstances indicate its carrying value may not be recoverable. The fair value of the reporting units is determined using the income approach. The income approach focuses on the income-producing capability of an asset, measuring the current value of the asset by calculating the present value of its future economic benefits such as cash earnings, cost savings, corporate tax structure and product offerings. Value indications are developed by discounting expected cash flows to their present value at a rate of return that incorporates the risk-free rate for the use of funds, the expected rate of inflation and risks associated with the reporting unit. These assets would generally be classified within Level 3, in the event that the Company were required to measure and record such assets at fair value within its consolidated financial statements. The Company periodically evaluates the carrying value of long-lived assets to be held and used, including definite-lived intangible assets and property plant and equipment, when events or circumstances warrant such a review. Fair value is determined primarily using anticipated cash flows assumed by a market participant discounted at a rate commensurate with the risk involved and these assets would generally be classified within Level 3, in the event that the Company were required to measure and record such assets at fair value within its consolidated financial statements. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. The carrying amounts of accounts receivable and accounts payable reported in the Consolidated Balance Sheets approximate fair value. Estimated Fair Value of Debt The estimated fair value of long-term debt at December 31, 2015 consists primarily of the Notes and borrowings under its Term Loan Credit Agreement, as amended (see Note 5). The fair value of the Notes, the Term Loan Credit Agreement, as amended, and the revolving credit facility are based upon third party pricing sources, which generally does not represent daily market activity, nor does it represent data obtained from an exchange, and are classified as Level 2. The interest rates on the Company’s borrowings under the revolving credit facility are adjusted regularly to reflect current market rates and thus carrying value approximates fair value for these borrowings. All other debt and capital lease obligations approximate their fair value as determined by discounted cash flows and are classified as Level 3. December 31, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value Value Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 Instrument Convertible senior notes $ 121,268 $ - $ 155,694 $ - $ 134,601 $ - $ 188,490 $ - Term loan credit agreement 190,535 - 190,442 - 189,027 - 192,845 - Industrial revenue bond 1,149 - - 1,149 1,645 - - 1,645 Capital lease obligations 2,681 - - 2,681 7,254 - - 7,254 $ 315,633 $ - $ 346,136 $ 3,830 $ 332,527 $ - $ 381,335 $ 8,899 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | 7. STOCKHOLDERS’ EQUITY a. Common and Preferred Stock On December 18, 2014, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $ 60 60 On February 1, 2016, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $ 100 The Board of Directors has the authority to issue common and unclassed preferred stock of up to 200 25 0.01 Effective March 30, 2015, the Company eliminated a series of preferred stock previously designated as Series D Junior Participating Preferred Stock. b. Stockholders’ Rights Plan The Company’s Stockholders’ Rights Plan (the “Rights Plan”) was designed to deter coercive or unfair takeover tactics in the event of an unsolicited takeover attempt. It was not intended to prevent a takeover on terms that were favorable and fair to all stockholders and would not interfere with a merger approved by our board of directors. Each right entitled stockholders to buy one one-thousandth of a share of Series D Junior Participating Preferred Stock at an exercise price of $ 120 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | 8. STOCK-BASED COMPENSATION In May 2011, the Company adopted and shareholders approved the 2011 Omnibus Incentive Plan (the “Omnibus Plan”). This plan provides for the issuance of stock options, restricted stock, stock appreciation rights and performance units to directors, officers and other eligible employees of the Company. The Omnibus Plan makes available approximately 7.5 The Company recognizes all share-based awards to eligible employees based upon their fair value. The Company’s policy is to recognize expense for awards that have service conditions only subject to graded vesting using the straight-line attribution method. Total stock-based compensation expense was $ 10.0 7.8 7.5 12.0 1.8 Stock Options Stock options are awarded with an exercise price equal to the market price of the underlying stock on the date of grant, become fully exercisable three ten Valuation Assumptions 2015 2014 2013 Risk-free interest rate 2.14 % 2.73 % 2.02 % Expected volatility 72.5 % 72.0 % 75.3 % Expected dividend yield 0.00 % 0.00 % 0.00 % Expected term 5 yrs. 5 yrs. 5 yrs. The expected volatility is based upon the Company’s historical experience. The expected term represents the period of time that options granted are expected to be outstanding. The risk-free interest rate utilized for periods throughout the contractual life of the options are based on U.S. Treasury security yields at the time of grant. Number of Weighted Weighted Aggregate Options Outstanding at December 31, 2014 1,909,456 $ 11.79 5.5 $ 3.3 Granted 190,810 $ 14.16 Exercised (186,622) $ 10.78 Forfeited (9,656) $ 12.16 Expired (83,032) $ 23.55 Options Outstanding at December 31, 2015 1,820,956 $ 11.61 5.2 $ 2.3 Options Exercisable at December 31, 2015 1,398,229 $ 11.25 4.3 $ 2.1 During 2015, 2014 and 2013, the Company granted 190,810 200,720 361,220 1.7 1.7 2.2 8.82 8.34 6.13 0.6 0.7 0.3 Restricted Stock Restricted stock awards vest over a period of one three Number of Weighted Restricted Stock Outstanding at December 31, 2014 1,288,769 $ 11.70 Granted 667,126 $ 14.84 Vested (396,389) $ 10.84 Forfeited (21,390) $ 13.44 Restricted Stock Outstanding at December 31, 2015 1,538,116 $ 13.25 During 2015, 2014 and 2013, the Company granted 667,126 572,052 521,181 9.9 7.9 5.0 5.6 5.2 0.6 Cash-Settled Performance Units and Stock Appreciation Rights In March 2010, the Company awarded eligible employees 326,250 434,661 0.8 3.0 |
EMPLOYEE SAVINGS PLANS
EMPLOYEE SAVINGS PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Employee Savings Plans [Abstract] | |
EMPLOYEE SAVINGS PLANS | 9. EMPLOYEE SAVINGS PLANS Substantially all of the Company’s employees are eligible to participate in a defined contribution plan under Section 401(k) of the Internal Revenue Code. The Company also provides a non-qualified defined contribution plan for senior management and certain key employees. Both plans provide for the Company to match, in cash, a percentage of each employee’s contributions up to certain limits. The Company’s matching contribution and related expense for these plans was approximately $7.2 million, $5.7 million, and $4.9 million for 2015, 2014, and 2013, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES a. Income Before Income Taxes 2015 2014 2013 Domestic $ 163,325 $ 98,246 $ 77,465 Foreign (14) 216 158 Total income before income taxes $ 163,311 $ 98,462 $ 77,623 b. Income Tax Expense 2015 2014 2013 Current Federal $ 58,090 $ 19,036 $ 158 State 8,627 1,805 717 Foreign 54 118 130 $ 66,771 $ 20,959 $ 1,005 Deferred Federal $ (7,930) $ 12,913 $ 26,792 State 288 3,778 3,412 Foreign (107) (118) (115) $ (7,749) $ 16,573 $ 30,089 Total consolidated expense $ 59,022 $ 37,532 $ 31,094 The following table provides a reconciliation of differences from the U.S. Federal statutory rate of 35% as follows (in thousands): 2015 2014 2013 Pretax book income $ 163,311 $ 98,462 $ 77,623 Federal tax expense at 35% statutory rate 57,159 34,462 27,168 State and local income taxes 6,190 4,808 3,870 Benefit of domestic production deduction (5,255) (2,010) - Other 928 272 56 Total income tax expense $ 59,022 $ 37,532 $ 31,094 c. Deferred Taxes The Company’s deferred income taxes are primarily due to temporary differences between financial and income tax reporting for the depreciation of property, plant and equipment, amortization of intangibles, compensation adjustments, inventory adjustments, other accrued liabilities and tax losses carried forward. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Companies are required to assess whether valuation allowances should be established against their deferred tax assets based on the consideration of all available evidence, both positive and negative, using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. The Company assesses, on a quarterly basis, the realizability of its deferred tax assets by evaluating all available evidence, both positive and negative, including: (1) the cumulative results of operations in recent years, (2) the nature of recent losses, if applicable, (3) estimates of future taxable income, (4) the length of operating loss carryforward (“NOLs”) periods and (5) the uncertainty associated with a possible change in ownership, which imposes an annual limitation on the use of these carryforwards. As of December 31, 2015 and 2014, the Company retained a valuation allowance of $ 1.2 1.3 As of December 31, 2015, the Company has no U.S. federal tax NOLs. The Company has various multistate income tax NOLs, which have been recorded as a deferred income tax asset, of approximately $ 2.5 expire beginning in 2016, if unused 2015 2014 Deferred tax assets Tax credits and loss carryforwards $ 563 $ 2,550 Accrued liabilities 9,211 6,882 Incentive compensation 24,682 19,333 Other 3,909 3,389 $ 38,365 $ 32,154 Deferred tax liabilities Property, plant and equipment (4,000) (2,858) Intangibles (5,325) (5,565) Prepaid assets (697) (638) Convertible note discount (3,234) (5,117) Other (1,658) (2,025) $ (14,914) $ (16,203) Net deferred tax asset before valuation allowances and reserves $ 23,451 $ 15,951 Valuation allowances (1,159) (1,307) Net deferred tax asset $ 22,292 $ 14,644 d. Tax Reserves The Company’s policy with respect to interest and penalties associated with reserves or allowances for uncertain tax positions is to classify such interest and penalties in income tax expense in the Statements of Operations. As of December 31, 2015 and 2014, the total amount of unrecognized income tax benefits was approximately $ 11.7 11.0 1.1 0.3 2003 through 2015 2003 through 2015 Other Noncurrent Liabilities Current Deferred Income Taxes Balance at January 1, 2014 $ 10,971 Decrease in prior year tax positions (323) Balance at December 31, 2014 $ 10,648 Decrease in prior year tax positions (23) Balance at December 31, 2015 $ 10,625 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES a. Litigation The Company is involved in a number of legal proceedings concerning matters arising in connection with the conduct of its business activities, and is periodically subject to governmental examinations (including by regulatory and tax authorities), and information gathering requests (collectively, "governmental examinations"). As of December 31, 2015, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations in various jurisdictions, both in the United States and internationally. The Company has recorded liabilities for certain of its outstanding legal proceedings and governmental examinations. A liability is accrued when it is both (a) probable that a loss with respect to the legal proceeding has occurred and (b) the amount of loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings and governmental examinations that could cause an increase or decrease in the amount of the liability that has been previously accrued. These legal proceedings, as well as governmental examinations, involve various lines of business of the Company and a variety of claims (including, but not limited to, common law tort, contract, antitrust and consumer protection claims), some of which present novel factual allegations and/or unique legal theories. While some matters pending against the Company specify the damages claimed by the plaintiff, many seek a not-yet-quantified amount of damages or are at very early stages of the legal process. Even when the amount of damages claimed against the Company are stated, the claimed amount may be exaggerated and/or unsupported. As a result, it is not currently possible to estimate a range of possible loss beyond previously accrued liabilities relating to some matters including those described below. Such previously accrued liabilities may not represent the Company's maximum loss exposure. The legal proceedings and governmental examinations underlying the estimated range will change from time to time and actual results may vary significantly from the currently accrued liabilities. Based on its current knowledge, and taking into consideration its litigation-related liabilities, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding or governmental examination other than the matters below, which are addressed individually, that would have a material adverse effect on the Company's consolidated financial condition or liquidity if determined in a manner adverse to the Company. However, in light of the uncertainties involved in such matters, the ultimate outcome of a particular matter could be material to the Company's operating results for a particular period depending on, among other factors, the size of the loss or liability imposed and the level of the Company's income for that period. Costs associated with the litigation and settlements of legal matters are reported within General and Administrative Expenses Brazil Joint Venture In March 2001, Bernard Krone Indústria e Comércio de Máquinas Agrícolas Ltda. (“BK”) filed suit against the Company in the Fourth Civil Court of Curitiba in the State of Paraná, Brazil. Because of the bankruptcy of BK, this proceeding is now pending before the Second Civil Court of Bankruptcies and Creditors Reorganization of Curitiba, State of Paraná (No. 232/99). The case grows out of a joint venture agreement between BK and the Company related to marketing of RoadRailer trailers in Brazil and other areas of South America. When BK was placed into the Brazilian equivalent of bankruptcy late in 2000, the joint venture was dissolved. BK subsequently filed its lawsuit against the Company alleging that it was forced to terminate business with other companies because of the exclusivity and non-compete clauses purportedly found in the joint venture agreement. BK asserted damages, exclusive of any potentially court-imposed interest or inflation adjustments, of approximately R$ 20.8 A bench (non-jury) trial was held on March 30, 2010 in Curitiba, Paraná, Brazil. On November 22, 2011, the Fourth Civil Court of Curitiba partially granted BK’s claims, and ordered Wabash to pay BK lost profits, compensatory, economic and moral damages in excess of the amount of compensatory damages asserted by BK. The total ordered damages amount is approximately R$ 26.7 Intellectual Property In October 2006, the Company filed a patent infringement suit against Vanguard National Corporation (“Vanguard”) regarding the Company’s U.S. Patent Nos. 6,986,546 and 6,220,651 in the U.S. District Court for the Northern District of Indiana (Civil Action No. 4:06-cv-135). The Company amended the Complaint in April 2007. In May 2007, Vanguard filed its Answer to the Amended Complaint, along with Counterclaims seeking findings of non-infringement, invalidity, and unenforceability of the subject patents. The Company filed a reply to Vanguard’s counterclaims in May 2007, denying any wrongdoing or merit to the allegations as set forth in the counterclaims. The case has currently been stayed by agreement of the parties while the U.S. Patent and Trademark Office (“Patent Office”) undertakes a reexamination of U.S. Patent Nos. 6,986,546. In June 2010, the Patent Office notified the Company that the reexamination is complete and the Patent Office has reissued U.S. Patent No. 6,986,546 without cancelling any claims of the patent. The parties have not yet petitioned the Court to lift the stay, and it is unknown at this time when the parties’ petition to lift the stay may be filed or granted. The Company believes that its claims against Vanguard have merit and that the claims asserted by Vanguard are without merit. The Company intends to vigorously defend its position and intellectual property. The Company does not believe that the resolution of this lawsuit will have a material adverse effect on its financial position, liquidity or future results of operations. However, at this stage of the proceeding, no assurance can be given as to the ultimate outcome of the case. Walker Acquisition In connection with the Company’s acquisition of Walker in May 2012, there is an outstanding claim of approximately $ 2.9 Environmental Disputes In August 2014, the Company was noticed as a potentially responsible party (“PRP”) by the South Carolina Department of Health and Environmental Control (“DHEC”) pertaining to the Philip Services Site located in Rock Hill, South Carolina pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and corresponding South Carolina statutes. PRPs include parties identified through manifest records as having contributed to deliveries of hazardous substances to the Philip Services Site between 1979 and 1999. The DHEC’s allegation that the Company was a PRP arises out of four manifest entries in 1989 under the name of a company unaffiliated with Wabash National (or any of its former or current subsidiaries) that purport to be delivering a de minimis amount of hazardous waste to the Philip Services Site “c/o Wabash National Corporation.” As such, the Philip Services Site PRP Group (“PRP Group”) notified Wabash in August 2014 that is was offering the Company the opportunity to resolve any liabilities associated with the Philip Services Site by entering into a Cash Out and Reopener Settlement Agreement (the “Settlement Agreement”) with the PRP Group, as well as a Consent Decree with the DHEC. The Company has accepted the offer from the PRP Group to enter into the Settlement Agreement and Consent Decree, while reserving its rights to contest its liability for any deliveries of hazardous materials to the Philips Services Site. The requested settlement payment is immaterial to the Company’s financial conditions or operations, and as a result, if the Settlement Agreement and Consent Decree are finalized, the payment to be made by the Company thereunder is not expected to have a material adverse effect on the Company’s financial condition or results of operations. Bulk Tank International, S. de R.L. de C.V. (“Bulk”) entered into agreements in 2011 with the Mexican federal environmental agency, PROFEPA, and the applicable state environmental agency, PROPAEG, pursuant to PROFEPA’s and PROPAEG’s respective environmental audit programs to resolve noncompliance with federal and state environmental laws at Bulk’s Guanajuato facility. Bulk completed all required corrective actions and received a Certification of Clean Industry from PROPAEG, and is seeking the same certification from PROFEPA, which the Company expects it will receive by early 2016, following the conclusion of a final audit process that commenced in December 2014. As a result, the Company does not expect that this matter will have a material adverse effect on its financial condition or results of operations. In January 2012, the Company was noticed as a PRP by the U.S. Environmental Protection Agency (“EPA”) and the Louisiana Department of Environmental Quality (“LDEQ”) pertaining to the Marine Shale Processors Site located in Amelia, Louisiana (“MSP Site”) pursuant to CERCLA and corresponding Louisiana statutes. PRPs include current and former owners and operators of facilities at which hazardous substances were allegedly disposed. The EPA’s allegation that the Company is a PRP arises out of one alleged shipment of waste to the MSP Site in 1992 from the Company’s branch facility in Dallas, Texas. As such, the MSP Site PRP Group notified the Company in January 2012 that, as a result of a March 18, 2009 Cooperative Agreement for Site Investigation and Remediation entered into between the MSP Site PRP Group and the LDEQ, the Company was being offered a “De Minimis Cash-Out Settlement” to contribute to the remediation costs, which would remain open until February 29, 2012. The Company chose not to enter into the settlement and has denied any liability. In addition, the Company has requested that the MSP Site PRP Group remove the Company from the list of PRPs for the MSP Site, based upon the following facts: the Company acquired this branch facility in 1997 five years after the alleged shipment - as part of the assets the Company acquired out of the Fruehauf Trailer Corporation (“Fruehauf”) bankruptcy (Case No. 96-1563, United States Bankruptcy Court, District of Delaware (“Bankruptcy Court”)); as part of the Asset Purchase Agreement regarding the Company’s purchase of assets from Fruehauf, the Company did not assume liability for “Off-Site Environmental Liabilities,” which are defined to include any environmental claims arising out of the treatment, storage, disposal or other disposition of any Hazardous Substance at any location other than any of the acquired locations/assets; the Bankruptcy Court, in an Order dated May 26, 1999, also provided that, except for those certain specified liabilities assumed by the Company under the terms of the Asset Purchase Agreement, the Company and its subsidiaries shall not be subject to claims asserting successor liability; and the “no successor liability” language of the Asset Purchase Agreement and the Bankruptcy Court Order form the basis for the Company’s request that it be removed from the list of PRPs for the MSP Site. The MSP Site PRP Group is currently considering the Company’s request, but has provided no timeline to the Company for a response. However, the MSP Site PRP Group has agreed to indefinitely extend the time period by which the Company must respond to the De Minimis Cash-Out Settlement offer. The Company does not expect that this proceeding will have a material adverse effect on its financial condition or results of operations. In September 2003, the Company was noticed as a PRP by the EPA pertaining to the Motorola 52nd Street, Phoenix, Arizona Superfund Site (the “Superfund Site”) pursuant to CERCLA. The EPA’s allegation that the Company was a PRP arises out of the Company’s acquisition of a former branch facility located approximately five miles from the original Superfund Site. The Company acquired this facility in 1997, operated the facility until 2000, and sold the facility to a third party in 2002. In June 2010, the Company was contacted by the Roosevelt Irrigation District (“RID”) informing it that the Arizona Department of Environmental Quality (“ADEQ”) had approved a remediation plan in excess of $ 100 In January 2006, the Company received a letter from the North Carolina Department of Environment and Natural Resources indicating that a site that the Company formerly owned near Charlotte, North Carolina has been included on the state's October 2005 Inactive Hazardous Waste Sites Priority List. The letter states that the Company was being notified in fulfillment of the state's “statutory duty” to notify those who own and those who at present are known to be responsible for each Site on the Priority List. Following receipt of this notice, no action has ever been requested from the Company, and since 2006 the Company has not received any further communications regarding this matter from the state of North Carolina. The Company does not expect that this designation will have a material adverse effect on its financial condition or results of operations. b. Environmental Litigation Commitments and Contingencies The Company generates and handles certain material, wastes and emissions in the normal course of operations that are subject to various and evolving federal, state and local environmental laws and regulations. The Company assesses its environmental liabilities on an on-going basis by evaluating currently available facts, existing technology, presently enacted laws and regulations as well as experience in past treatment and remediation efforts. Based on these evaluations, the Company estimates a lower and upper range for treatment and remediation efforts and recognizes a liability for such probable costs based on the information available at the time. As of December 31, 2015, in addition to a reserve of $ 0.2 0.5 Other Accrued Liabilities c. Letters of Credit As of December 31, 2015, the Company had standby letters of credit totaling $ 6.0 d. Purchase Commitments The Company has $ 72.4 |
SEGMENTS AND RELATED INFORMATIO
SEGMENTS AND RELATED INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENTS AND RELATED INFORMATION | 12. SEGMENTS AND RELATED INFORMATION a. Segment Reporting The Company manages its business in three segments: Commercial Trailer Products, Diversified Products and Retail. The Commercial Trailer Products segment produces and sells new trailers to the Retail segment and to customers who purchase trailers directly from the Company or through independent dealers. The Diversified Products segment focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate ® Commercial Diversified Corporate and Trailer Products Products Retail Eliminations Consolidated 2015 Net sales External customers $ 1,446,113 $ 415,093 $ 166,283 $ - $ 2,027,489 Intersegment sales 63,267 12,928 1,008 (77,203) $ - Total net sales $ 1,509,380 $ 428,021 $ 167,291 $ (77,203) $ 2,027,489 Depreciation and amortization 11,574 22,853 2,136 1,435 37,998 Income (Loss) from operations 158,805 47,940 4,401 (30,777) 180,369 Reconciling items to net income Interest expense 19,548 Other, net (2,490) Income tax expense 59,022 Net income $ 104,289 2014 Net sales External customers $ 1,221,040 $ 453,160 $ 189,115 $ - $ 1,863,315 Intersegment sales 73,124 13,078 965 (87,167) $ - Total net sales $ 1,294,164 $ 466,238 $ 190,080 $ (87,167) $ 1,863,315 Depreciation and amortization 11,332 23,806 2,061 1,630 38,829 Income (Loss) from operations 81,141 54,879 3,785 (17,419) 122,386 Reconciling items to net income Interest expense 22,165 Other, net 1,759 Income tax expense 37,532 Net income $ 60,930 2013 Net sales External customers $ 1,010,736 $ 444,804 $ 180,146 $ - $ 1,635,686 Intersegment sales 71,720 13,849 1,340 (86,909) $ - Total net sales $ 1,082,456 $ 458,653 $ 181,486 $ (86,909) $ 1,635,686 Depreciation and amortization 11,127 23,320 2,029 1,860 38,336 Income (Loss) from operations 57,543 59,126 2,885 (16,363) 103,191 Reconciling items to net income Interest expense 26,308 Other, net (740) Income tax expense 31,094 Net income $ 46,529 b. Customer Concentration The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 25 20 17 10 International sales, primarily to Canadian customers, accounted for less than 10% in each of the last three years. c. Product Information Commercial Diversified Year ended December 31, Trailer Products Products Retail Eliminations Consolidated 2015 $ $ $ $ $ % New trailers 1,467,029 218,028 67,639 (60,467) 1,692,229 83.5 Used trailers 19,962 4,558 13,622 (2,562) 35,580 1.8 Components, parts and service 6,300 93,251 83,115 (14,116) 168,550 8.3 Equipment and other 16,089 112,184 2,915 (58) 131,130 6.4 Total net external sales 1,509,380 428,021 167,291 (77,203) 2,027,489 100.0 Commercial Diversified Trailer Products Products Retail Eliminations Consolidated 2014 $ $ $ $ $ % New trailers 1,250,264 227,382 89,041 (72,862) 1,493,825 73.7 Used trailers 23,576 4,593 16,946 - 45,115 2.2 Components, parts and service 3,475 100,764 80,533 (14,183) 170,589 8.4 Equipment and other 16,849 133,499 3,560 (122) 153,786 15.7 Total net external sales 1,294,164 466,238 190,080 (87,167) 1,863,315 100.0 Commercial Diversified Trailer Products Products Retail Eliminations Consolidated 2013 $ $ $ $ $ % New trailers 1,031,004 204,812 82,995 (71,888) 1,246,923 66.9 Used trailers 33,443 3,158 12,819 (5) 49,415 2.7 Components, parts and service 7,420 106,312 81,405 (14,811) 180,326 9.7 Equipment and other 10,589 144,371 4,267 (205) 159,022 20.7 Total net external sales 1,082,456 458,653 181,486 (86,909) 1,635,686 100.0 |
CONSOLIDATED QUARTERLY FINANCIA
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
CONSOLIDATED QUARTERLY FINANCIAL DATA | 13. CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Net sales $ 437,597 $ 514,831 $ 531,350 $ 543,711 Gross profit 57,197 72,405 86,022 87,819 Net income 10,474 28,649 31,880 33,286 Basic net income per share 0.15 0.42 0.48 0.50 Diluted net income per share (1) 0.15 0.41 0.47 0.50 2014 Net sales $ 358,120 $ 486,021 $ 491,697 $ 527,477 Gross profit 46,672 61,613 61,628 62,721 Net income 7,296 16,239 18,307 19,088 Basic net income per share 0.11 0.23 0.26 0.28 Diluted net income per share (1) 0.10 0.23 0.25 0.27 2013 Net sales $ 324,229 $ 413,126 $ 439,977 $ 458,354 Gross profit 42,186 58,853 61,497 52,587 Net income 5,735 14,135 16,236 10,423 Basic net income per share 0.08 0.20 0.24 0.15 Diluted net income per share (1) 0.08 0.20 0.23 0.15 (1) Basic and diluted net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may differ from annual net income per share due to rounding. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | a. Basis of Consolidation The consolidated financial statements reflect the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany profits, transactions and balances have been eliminated in consolidation. |
Use of Estimates | b. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that directly affect the amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Revenue Recognition | c. Revenue Recognition The Company recognizes revenue from the sale of its products when the customer has made a fixed commitment to purchase a product for a fixed or determinable price, collection is reasonably assured under the Company’s normal billing and credit terms and ownership and all risk of loss has been transferred to the buyer, which is normally upon shipment to or pick up by the customer. Revenues on certain contracts are recorded on a percentage of completion method, measured by either actual labor incurred to the estimated total labor or actual total cost incurred to the total estimated costs for each project. Revenues exclude all taxes collected from the customer. Shipping and handling fees are included in Net Sales Cost of Sales |
Used Trailer Trade Commitments and Residual Value Guarantees | d. Used Trailer Trade Commitments and Residual Value Guarantees The Company has commitments with certain customers to accept used trailers on trade for new trailer purchases. These commitments arise in the normal course of business related to future new trailer orders at the time a new trailer order is placed by the customer. The Company acquired used trailers on trade of approximately $ 12.8 26.8 26.2 2.1 10.0 2.2 10.0 |
Cash and Cash Equivalents | e. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with a maturity of three months or less at the time of purchase. |
Accounts Receivable | f. Accounts Receivable Accounts receivable are shown net of allowance for doubtful accounts and primarily include trade receivables. The Company records and maintains a provision for doubtful accounts for customers based upon a variety of factors including the Company’s historical collection experience, the length of time the account has been outstanding and the financial condition of the customer. If the circumstances related to specific customers were to change, the Company’s estimates with respect to the collectability of the related accounts could be further adjusted. The Company’s policy is to write-off receivables when they are determined to be uncollectible. Provisions to the allowance for doubtful accounts are charged to both General and Administrative Expenses Selling Expenses Years Ended December 31, 2015 2014 2013 Balance at beginning of year $ 1,047 $ 2,058 $ 858 Provision 210 178 908 Write-offs, net of recoveries (301) (1,189) 292 Balance at end of year $ 956 $ 1,047 $ 2,058 |
Inventories | g. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) method, or market. December 31, 2015 2014 Raw materials and components $ 65,790 $ 63,847 Work in progress 18,201 23,145 Finished goods 67,260 68,923 Aftermarket parts 8,714 8,446 Used trailers 7,017 12,783 $ 166,982 $ 177,144 |
Prepaid Expenses and Other | h. Prepaid Expenses and Other Prepaid expenses and other as of December 31, 2015 and 2014 were $ 8.4 10.2 . |
Property, Plant and Equipment | i. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while expenditures that extend the useful life of an asset are capitalized. Depreciation is recorded using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives are up to 33 Cost of Sales General and Administrative Expenses 16.2 16.5 15.7 Property, Plant and Equipment 5.0 10.2 2.6 3.5 December 31, 2015 2014 Land $ 22,978 $ 25,982 Buildings and building improvements 114,216 115,856 Machinery and equipment 220,814 210,488 Construction in progress 13,741 10,518 $ 371,749 $ 362,844 Less: accumulated depreciation (231,311) (219,952) $ 140,438 $ 142,892 |
Intangible Assets | j. Intangible Assets Weighted Average Gross Intangible Accumulated Net Intangible Tradenames and trademarks 20 years $ 37,894 $ (9,970) $ 27,924 Customer relationships 10 years 151,634 (76,340) 75,294 Technology 12 years 16,517 (5,119) 11,398 Total 12 years $ 206,045 $ (91,429) $ 114,616 As of December 31, 2014, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Tradenames and trademarks 20 years $ 39,222 $ (8,252) $ 30,970 Customer relationships 10 years 151,839 (58,534) 93,305 Technology 12 years 16,517 (3,692) 12,825 Total 12 years $ 207,578 $ (70,478) $ 137,100 Intangible asset amortization expense was $ 21.3 21.9 21.8 20.0 16.9 15.4 14.5 13.7 1.1 Other Operating Expenses |
Goodwill | k. Goodwill 9.9 Balance as of December 31, 2013 $ 149,967 Goodwill disposed (500) Effects of foreign currency 136 Balance as of December 31, 2014 $ 149,603 Effects of foreign currency 115 Balance as of December 31, 2015 $ 149,718 Goodwill represents the excess purchase price over fair value of the net assets acquired. The Company reviews goodwill for impairment, at the reporting unit level, annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. In accordance with ASC 350, Intangibles Goodwill and Other The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit's fair value or carrying amount involve significant judgments and assumptions. The judgments and assumptions include the identification of macroeconomic conditions, industry and market conditions, cost factors, overall financial performance and Company specific events and making the assessment on whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. For reporting units in which the Company performs the two-step quantitative analysis, the first step compares the carrying value, including goodwill, of each reporting unit with its estimated fair value. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is greater than the fair value, this suggests that an impairment may exist and a second step is required in which the implied fair value of goodwill is calculated as the excess of the fair value of the reporting unit over the fair values assigned to its assets and liabilities. If this implied fair value is less than the carrying value, the difference is recognized as an impairment loss charged to the reporting unit. In assessing goodwill using this quantitative approach, the Company establishes fair value for the purpose of impairment testing by averaging the fair value using an income and market approach. The income approach employs a discounted cash flow model incorporating similar pricing concepts used to calculate fair value in an acquisition due diligence process and a discount rate that takes into account the Company’s estimated average cost of capital. The market approach employs market multiples based on comparable publicly traded companies in similar industries as the reporting unit. Estimates of fair value are established using current and forward multiples adjusted for size and performance of the reporting unit relative to peer companies. For 2015 and 2013, the Company completed its goodwill impairment testing during the fourth quarter using the qualitative approach. For 2014, the Company completed its testing using the quantitative assessment. Based on the testing performed in each of these years, the Company believes it is more likely than not that the fair value of its reporting units are greater than their carrying amount. As such, no impairment of goodwill was recognized in 2015, 2014 or 2013. Furthermore, in 2014, the Company’s Retail reporting unit recognized a partial disposal of goodwill in the amount of $ 0.5 |
Other Assets | l. Other Assets The Company capitalizes the cost of computer software developed or obtained for internal use. Capitalized software is amortized using the straight-line method over three to seven years. As of December 31, 2015 and 2014, the Company had software costs, net of amortization, of $ 2.7 2.2 0.6 0.5 0.7 |
Long-Lived Assets | m. Long-Lived Assets Long-lived assets, consisting primarily of intangible assets and property, plant and equipment, are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. |
Other Accrued Liabilities | n. Other Accrued Liabilities Other Accrued Liabilities December 31, 2015 2014 Payroll and related taxes $ 34,427 $ 30,362 Warranty 19,709 15,462 Customer Deposits 14,877 21,680 Accrued taxes 8,075 8,371 Self-insurance 7,677 7,494 All other 8,277 5,321 $ 93,042 $ 88,690 Other Accrued Liabilities 2015 2014 Balance as of January 1 $ 15,462 $ 14,719 Provision for warranties issued in current year 9,714 7,058 Recovery of pre-existing warranties (409) (296) Payments (5,058) (6,019) Balance as of December 31 $ 19,709 $ 15,462 The Company offers a limited warranty for its products with a coverage period that ranges between one and five years, except that the coverage period for DuraPlate ® Other Accrued Liabilities Self-Insurance Accrual Balance as of January 1, 2014 $ 9,399 Expense 34,662 Payments (36,567) Balance as of December 31, 2014 $ 7,494 Expense 40,023 Payments (39,840) Balance as of December 31, 2015 $ 7,677 The Company is self-insured up to specified limits for medical and workers’ compensation coverage. The self-insurance reserves have been recorded to reflect the undiscounted estimated liabilities, including claims incurred but not reported, as well as catastrophic claims as appropriate. |
Income Taxes | o. Income Taxes The Company determines its provision or benefit for income taxes under the asset and liability method. The asset and liability method measures the expected tax impact at current enacted rates of future taxable income or deductions resulting from differences in the tax and financial reporting basis of assets and liabilities reflected in the Consolidated Balance Sheets. Future tax benefits of tax losses and credit carryforwards are recognized as deferred tax assets. Deferred tax assets are reduced by a valuation allowance to the extent management determines that it is more-likely-than-not the Company would not realize the value of these assets. The Company accounts for income tax contingencies by prescribing a “more-likely-than-not” recognition threshold that a tax position is required to meet before being recognized in the financial statements. |
Concentration of Credit Risk | p. Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents and customer receivables. We place our cash and cash equivalents with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables. |
Research and Development | q. Research and Development Research and development expenses are charged to earnings as incurred and were $ 4.8 1.7 2.5 |
Reclassification of Prior Year Presentation | r. Reclassification of Prior Year Presentation Certain prior year amounts were reclassified for consistency with the current period presentation. These reclassifications did not materially impact the consolidated financial statements. |
New Accounting Pronouncements | s. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Revenue Recognition Revenue from Contracts with Customers (Topic 606), In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern In April 2015, the FASB issued ASU No. 2015-03, Imputation of Interest Imputation of Interest, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Agreements In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Changes in the Allowance for Doubtful Accounts | The following table presents the changes in the allowance for doubtful accounts (in thousands): Years Ended December 31, 2015 2014 2013 Balance at beginning of year $ 1,047 $ 2,058 $ 858 Provision 210 178 908 Write-offs, net of recoveries (301) (1,189) 292 Balance at end of year $ 956 $ 1,047 $ 2,058 |
Cost of Manufactured Inventory Includes Raw Material, Labor and Overhead | The cost of manufactured inventory includes raw material, labor and overhead. Inventories consist of the following (in thousands): December 31, 2015 2014 Raw materials and components $ 65,790 $ 63,847 Work in progress 18,201 23,145 Finished goods 67,260 68,923 Aftermarket parts 8,714 8,446 Used trailers 7,017 12,783 $ 166,982 $ 177,144 |
Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): December 31, 2015 2014 Land $ 22,978 $ 25,982 Buildings and building improvements 114,216 115,856 Machinery and equipment 220,814 210,488 Construction in progress 13,741 10,518 $ 371,749 $ 362,844 Less: accumulated depreciation (231,311) (219,952) $ 140,438 $ 142,892 |
Schedule of Finite-Lived Intangible Assets | As of December 31, 2015, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Tradenames and trademarks 20 years $ 37,894 $ (9,970) $ 27,924 Customer relationships 10 years 151,634 (76,340) 75,294 Technology 12 years 16,517 (5,119) 11,398 Total 12 years $ 206,045 $ (91,429) $ 114,616 As of December 31, 2014, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Tradenames and trademarks 20 years $ 39,222 $ (8,252) $ 30,970 Customer relationships 10 years 151,839 (58,534) 93,305 Technology 12 years 16,517 (3,692) 12,825 Total 12 years $ 207,578 $ (70,478) $ 137,100 |
Schedule of Goodwill | The changes in the carrying amounts of goodwill, all of which are included in the Company’s Diversified Products segment as of December 31, 2015, except for approximately $ 9.9 Balance as of December 31, 2013 $ 149,967 Goodwill disposed (500) Effects of foreign currency 136 Balance as of December 31, 2014 $ 149,603 Effects of foreign currency 115 Balance as of December 31, 2015 $ 149,718 |
Major components of Other Accrued Liabilities | The following table presents the major components of Other Accrued Liabilities December 31, 2015 2014 Payroll and related taxes $ 34,427 $ 30,362 Warranty 19,709 15,462 Customer Deposits 14,877 21,680 Accrued taxes 8,075 8,371 Self-insurance 7,677 7,494 All other 8,277 5,321 $ 93,042 $ 88,690 |
Changes in the Product Warranty Accrual Included in Other Accrued Liabilities | The following table presents the changes in the product warranty accrual included in Other Accrued Liabilities 2015 2014 Balance as of January 1 $ 15,462 $ 14,719 Provision for warranties issued in current year 9,714 7,058 Recovery of pre-existing warranties (409) (296) Payments (5,058) (6,019) Balance as of December 31 $ 19,709 $ 15,462 |
Changes in the Self-Insurance Accrual Included in Other Accrued Liabilities | The following table presents the changes in the self-insurance accrual included in Other Accrued Liabilities Self-Insurance Accrual Balance as of January 1, 2014 $ 9,399 Expense 34,662 Payments (36,567) Balance as of December 31, 2014 $ 7,494 Expense 40,023 Payments (39,840) Balance as of December 31, 2015 $ 7,677 |
PER SHARE OF COMMON STOCK (Tabl
PER SHARE OF COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Net Income Per Share | The calculation of basic and diluted net income per share is determined using net income applicable to common stockholders as the numerator and the number of shares included in the denominator as follows (in thousands, except per share amounts): Years Ended December 31, 2015 2014 2013 Basic net income per share Net income applicable to common stockholders $ 104,289 $ 60,930 $ 46,529 Undistributed earnings allocated to participating securities - (481) (457) Net income applicable to common stockholders excluding amounts applicable to participating securities $ 104,289 $ 60,449 $ 46,072 Weighted average common shares outstanding 67,201 68,895 68,460 Basic net income per share $ 1.55 $ 0.88 $ 0.67 Diluted net income per share: Net income applicable to common stockholders $ 104,289 $ 60,930 $ 46,529 Undistributed earnings allocated to participating securities - (481) (457) Net income applicable to common stockholders excluding amounts applicable to participating securities $ 104,289 $ 60,449 $ 46,072 Weighted average common shares outstanding 67,201 68,895 68,460 Dilutive shares from assumed conversion of convertible senior notes 1,128 1,354 63 Dilutive stock options and restricted stock 1,039 814 558 Diluted weighted average common shares outstanding 69,368 71,063 69,081 Diluted net income per share $ 1.50 $ 0.85 $ 0.67 |
LEASE ARRANGEMENTS (Tables)
LEASE ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Lease Payments Required Under Lease Commitments | The Company leases office space, manufacturing, warehouse and service facilities and equipment for varying periods under both operating and capital lease agreements. Future minimum lease payments required under these lease commitments as of December 31, 2015 are as follows (in thousands): Capital Operating Leases Leases 2016 943 3,458 2017 594 2,688 2018 453 1,267 2019 361 628 2020 361 137 Thereafter 389 - Total minimum lease payments $ 3,101 $ 8,178 Interest (420) Present value of net minimum lease payments $ 2,681 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following (in thousands): December 31, 2015 2014 Convertible senior notes $ 131,000 $ 150,000 Term loan credit agreement 191,399 192,845 Industrial revenue bond 1,149 1,645 $ 323,548 $ 344,490 Less: unamortized discount (10,596) (19,217) Less: current portion (37,611) (496) $ 275,341 $ 324,777 |
Maturities of Long-Term Debt | Maturities of long-term debt for the five years succeeding December 31, 2015 and thereafter are as follows (in thousands): 2016 37,611 2017 2,466 2018 97,856 2019 1,928 2020 1,928 Thereafter 181,759 Maturities of long-term debt $ 323,548 |
Equity and Liability Components of Notes | The following table summarizes information about the equity and liability components of the Notes (dollars in thousands). The fair value of the notes outstanding were measured based on quoted market prices. December 31, 2015 2014 Principal amount of convertible notes outstanding $ 131,000 $ 150,000 Unamortized discount of liability component (9,732) (15,399) Net carrying amount of liability component 121,268 134,601 Less: current portion (35,165) - Long-term debt $ 86,103 $ 134,601 Carrying value of equity component, net of issuance costs $ 15,810 $ 20,993 Remaining amortization period of discount on the liability component 2.3 years 3.3 years |
Contractual Coupon Interest Expense and Accretion Of Discount On Liability | The contractual coupon interest expense and accretion of discount on the liability component for the Notes for the years ended December 31, 2015, 2014 and 2013 were as follow (in thousands): Years Ended December 31, 2015 2014 2013 Contractual coupon interest expense $ 5,063 $ 5,063 $ 5,063 Accretion of discount on the liability component $ 4,256 $ 3,973 $ 3,710 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis | The Company’s carrying and estimated fair value of debt, at December 31, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value Value Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 Instrument Convertible senior notes $ 121,268 $ - $ 155,694 $ - $ 134,601 $ - $ 188,490 $ - Term loan credit agreement 190,535 - 190,442 - 189,027 - 192,845 - Industrial revenue bond 1,149 - - 1,149 1,645 - - 1,645 Capital lease obligations 2,681 - - 2,681 7,254 - - 7,254 $ 315,633 $ - $ 346,136 $ 3,830 $ 332,527 $ - $ 381,335 $ 8,899 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Valuation Assumptions 2015 2014 2013 Risk-free interest rate 2.14 % 2.73 % 2.02 % Expected volatility 72.5 % 72.0 % 75.3 % Expected dividend yield 0.00 % 0.00 % 0.00 % Expected term 5 yrs. 5 yrs. 5 yrs. |
Restricted Stock | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of all restricted stock activity during 2015 is as follows: Number of Weighted Restricted Stock Outstanding at December 31, 2014 1,288,769 $ 11.70 Granted 667,126 $ 14.84 Vested (396,389) $ 10.84 Forfeited (21,390) $ 13.44 Restricted Stock Outstanding at December 31, 2015 1,538,116 $ 13.25 |
Stock Option | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of all stock option activity during 2015 is as follows: Number of Weighted Weighted Aggregate Options Outstanding at December 31, 2014 1,909,456 $ 11.79 5.5 $ 3.3 Granted 190,810 $ 14.16 Exercised (186,622) $ 10.78 Forfeited (9,656) $ 12.16 Expired (83,032) $ 23.55 Options Outstanding at December 31, 2015 1,820,956 $ 11.61 5.2 $ 2.3 Options Exercisable at December 31, 2015 1,398,229 $ 11.25 4.3 $ 2.1 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The consolidated income (loss) before income taxes for 2015, 2014 and 2013 consists of the following (in thousands): 2015 2014 2013 Domestic $ 163,325 $ 98,246 $ 77,465 Foreign (14) 216 158 Total income before income taxes $ 163,311 $ 98,462 $ 77,623 |
Schedule of Components of Income Tax Expense (Benefit) | 2015 2014 2013 Current Federal $ 58,090 $ 19,036 $ 158 State 8,627 1,805 717 Foreign 54 118 130 $ 66,771 $ 20,959 $ 1,005 Deferred Federal $ (7,930) $ 12,913 $ 26,792 State 288 3,778 3,412 Foreign (107) (118) (115) $ (7,749) $ 16,573 $ 30,089 Total consolidated expense $ 59,022 $ 37,532 $ 31,094 |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of differences from the U.S. Federal statutory rate of 35 2015 2014 2013 Pretax book income $ 163,311 $ 98,462 $ 77,623 Federal tax expense at 35% statutory rate 57,159 34,462 27,168 State and local income taxes 6,190 4,808 3,870 Foreign tax rate differential (3 ) (206 ) (41 ) Benefit of domestic production deduction (5,255 ) (2,010 ) - Other 931 478 97 Total income tax expense $ 59,022 $ 37,532 $ 31,094 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and deferred tax liabilities as of December 31, 2015 and 2014 were as follows (in thousands): 2015 2014 Deferred tax assets Tax credits and loss carryforwards $ 563 $ 2,550 Accrued liabilities 9,211 6,882 Incentive compensation 24,682 19,333 Other 3,909 3,389 $ 38,365 $ 32,154 Deferred tax liabilities Property, plant and equipment (4,000) (2,858) Intangibles (5,325) (5,565) Prepaid assets (697) (638) Convertible note discount (3,234) (5,117) Other (1,658) (2,025) $ (14,914) $ (16,203) Net deferred tax asset before valuation allowances and reserves $ 23,451 $ 15,951 Valuation allowances (1,159) (1,307) Net deferred tax asset $ 22,292 $ 14,644 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands) and all balances as of December 31, 2015 are included in either Other Noncurrent Liabilities Current Deferred Income Taxes Balance at January 1, 2014 $ 10,971 Decrease in prior year tax positions (323) Balance at December 31, 2014 $ 10,648 Decrease in prior year tax positions (23) Balance at December 31, 2015 $ 10,625 |
SEGMENTS AND RELATED INFORMAT29
SEGMENTS AND RELATED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | The Company manages its assets and capital spending on a consolidated basis, not by operating segment, as the assets and capital spending of the Diversified Products segment are intermixed with those of the Commercial Trailer Products segment. Therefore, our chief operating decision maker does not review any asset or capital spending information by operating segment and, accordingly, we do not report asset or capital spending information by operating segment. Reportable segment information is as follows (in thousands): Commercial Diversified Corporate and Trailer Products Products Retail Eliminations Consolidated 2015 Net sales External customers $ 1,446,113 $ 415,093 $ 166,283 $ - $ 2,027,489 Intersegment sales 63,267 12,928 1,008 (77,203) $ - Total net sales $ 1,509,380 $ 428,021 $ 167,291 $ (77,203) $ 2,027,489 Depreciation and amortization 11,574 22,853 2,136 1,435 37,998 Income (Loss) from operations 158,805 47,940 4,401 (30,777) 180,369 Reconciling items to net income Interest expense 19,548 Other, net (2,490) Income tax expense 59,022 Net income $ 104,289 2014 Net sales External customers $ 1,221,040 $ 453,160 $ 189,115 $ - $ 1,863,315 Intersegment sales 73,124 13,078 965 (87,167) $ - Total net sales $ 1,294,164 $ 466,238 $ 190,080 $ (87,167) $ 1,863,315 Depreciation and amortization 11,332 23,806 2,061 1,630 38,829 Income (Loss) from operations 81,141 54,879 3,785 (17,419) 122,386 Reconciling items to net income Interest expense 22,165 Other, net 1,759 Income tax expense 37,532 Net income $ 60,930 2013 Net sales External customers $ 1,010,736 $ 444,804 $ 180,146 $ - $ 1,635,686 Intersegment sales 71,720 13,849 1,340 (86,909) $ - Total net sales $ 1,082,456 $ 458,653 $ 181,486 $ (86,909) $ 1,635,686 Depreciation and amortization 11,127 23,320 2,029 1,860 38,336 Income (Loss) from operations 57,543 59,126 2,885 (16,363) 103,191 Reconciling items to net income Interest expense 26,308 Other, net (740) Income tax expense 31,094 Net income $ 46,529 |
Major Product Categories and Percentage of Consolidated Net Sales | The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands): Commercial Diversified Year ended December 31, Trailer Products Products Retail Eliminations Consolidated 2015 $ $ $ $ $ % New trailers 1,467,029 218,028 67,639 (60,467) 1,692,229 83.5 Used trailers 19,962 4,558 13,622 (2,562) 35,580 1.8 Components, parts and service 6,300 93,251 83,115 (14,116) 168,550 8.3 Equipment and other 16,089 112,184 2,915 (58) 131,130 6.4 Total net external sales 1,509,380 428,021 167,291 (77,203) 2,027,489 100.0 Commercial Diversified Trailer Products Products Retail Eliminations Consolidated 2014 $ $ $ $ $ % New trailers 1,250,264 227,382 89,041 (72,862) 1,493,825 73.7 Used trailers 23,576 4,593 16,946 - 45,115 2.2 Components, parts and service 3,475 100,764 80,533 (14,183) 170,589 8.4 Equipment and other 16,849 133,499 3,560 (122) 153,786 15.7 Total net external sales 1,294,164 466,238 190,080 (87,167) 1,863,315 100.0 Commercial Diversified Trailer Products Products Retail Eliminations Consolidated 2013 $ $ $ $ $ % New trailers 1,031,004 204,812 82,995 (71,888) 1,246,923 66.9 Used trailers 33,443 3,158 12,819 (5) 49,415 2.7 Components, parts and service 7,420 106,312 81,405 (14,811) 180,326 9.7 Equipment and other 10,589 144,371 4,267 (205) 159,022 20.7 Total net external sales 1,082,456 458,653 181,486 (86,909) 1,635,686 100.0 |
CONSOLIDATED QUARTERLY FINANC30
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of the unaudited quarterly results of operations for fiscal years 2015, 2014 and 2013 (dollars in thousands, except per share amounts): First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Net sales $ 437,597 $ 514,831 $ 531,350 $ 543,711 Gross profit 57,197 72,405 86,022 87,819 Net income 10,474 28,649 31,880 33,286 Basic net income per share 0.15 0.42 0.48 0.50 Diluted net income per share (1) 0.15 0.41 0.47 0.50 2014 Net sales $ 358,120 $ 486,021 $ 491,697 $ 527,477 Gross profit 46,672 61,613 61,628 62,721 Net income 7,296 16,239 18,307 19,088 Basic net income per share 0.11 0.23 0.26 0.28 Diluted net income per share (1) 0.10 0.23 0.25 0.27 2013 Net sales $ 324,229 $ 413,126 $ 439,977 $ 458,354 Gross profit 42,186 58,853 61,497 52,587 Net income 5,735 14,135 16,236 10,423 Basic net income per share 0.08 0.20 0.24 0.15 Diluted net income per share (1) 0.08 0.20 0.23 0.15 (1) Basic and diluted net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may differ from annual net income per share due to rounding. |
Changes in Allowance for Doubtf
Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes In Allowance For Doubtful Accounts [Line Items] | |||
Balance at beginning of year | $ 1,047 | $ 2,058 | $ 858 |
Provision | 210 | 178 | 908 |
Write-offs, net of recoveries | (301) | (1,189) | 292 |
Balance at end of year | $ 956 | $ 1,047 | $ 2,058 |
Cost of Manufactured Inventory
Cost of Manufactured Inventory Includes Raw Material, Labor and Overhead (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials and components | $ 65,790 | $ 63,847 |
Work in progress | 18,201 | 23,145 |
Finished goods | 67,260 | 68,923 |
Aftermarket parts | 8,714 | 8,446 |
Used trailers | 7,017 | 12,783 |
Total, Inventories | $ 166,982 | $ 177,144 |
Property, Plant and Equipment (
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 22,978 | $ 25,982 |
Buildings and building improvements | 114,216 | 115,856 |
Machinery and equipment | 220,814 | 210,488 |
Construction in progress | 13,741 | 10,518 |
Property, Plant and Equipment, Gross | 371,749 | 362,844 |
Less: accumulated depreciation | (231,311) | (219,952) |
Property, Plant and Equipment, Net | $ 140,438 | $ 142,892 |
Balances of Intangible Assets (
Balances of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Amortization Period | 12 years | 12 years |
Gross Intangible Assets | $ 206,045 | $ 207,578 |
Accumulated Amortization | (91,429) | (70,478) |
Net Intangible Assets | $ 114,616 | $ 137,100 |
Tradenames and trademarks | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Amortization Period | 20 years | 20 years |
Gross Intangible Assets | $ 37,894 | $ 39,222 |
Accumulated Amortization | (9,970) | (8,252) |
Net Intangible Assets | $ 27,924 | $ 30,970 |
Customer relationships | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Amortization Period | 10 years | 10 years |
Gross Intangible Assets | $ 151,634 | $ 151,839 |
Accumulated Amortization | (76,340) | (58,534) |
Net Intangible Assets | $ 75,294 | $ 93,305 |
Technology | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Weighted Average Amortization Period | 12 years | 12 years |
Gross Intangible Assets | $ 16,517 | $ 16,517 |
Accumulated Amortization | (5,119) | (3,692) |
Net Intangible Assets | $ 11,398 | $ 12,825 |
Carrying Amounts of Goodwill (D
Carrying Amounts of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Balance | $ 149,603 | $ 149,967 |
Goodwill disposed | (500) | |
Effects of foreign currency | 115 | 136 |
Balance | $ 149,718 | $ 149,603 |
Major Components of Other Accru
Major Components of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Liabilities [Line Items] | |||
Payroll and related taxes | $ 34,427 | $ 30,362 | |
Warranty | 19,709 | 15,462 | $ 14,719 |
Customer deposits | 14,877 | 21,680 | |
Accrued taxes | 8,075 | 8,371 | |
Self-insurance | 7,677 | 7,494 | $ 9,399 |
All other | 8,277 | 5,321 | |
Other accrued liabilities | $ 93,042 | $ 88,690 |
Product Warranty Accrual Includ
Product Warranty Accrual Included in Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Accrued Liabilities [Line Items] | ||
Balance as of January 1 | $ 15,462 | $ 14,719 |
Provision for warranties issued in current year | 9,714 | 7,058 |
Recovery of pre-existing warranties | (409) | (296) |
Payments | (5,058) | (6,019) |
Balance as of December 31 | $ 19,709 | $ 15,462 |
Self-Insurance Accrual Included
Self-Insurance Accrual Included In Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Other Accrued Liabilities [Line Items] | ||
Balance | $ 7,494 | $ 9,399 |
Expense | 40,023 | 34,662 |
Payments | (39,840) | (36,567) |
Balance | $ 7,677 | $ 7,494 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Accounting Policies [Line Items] | ||||
Prepaid Expense, Current | $ 8,400 | $ 10,200 | ||
General And Administrative Expenses Cost Of Goods Sold Depreciation | 16,200 | 16,500 | $ 15,700 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 5,000 | 10,200 | ||
Amortization Of Intangible Assets | 21,259 | 21,878 | 21,786 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 2,600 | 3,500 | ||
Estimated amortization expense for 2016 | 20,000 | |||
Estimated amortization expense for 2017 | 16,900 | |||
Estimated amortization expense for 2018 | 15,400 | |||
Estimated amortization expense for 2019 | 14,500 | |||
Estimated amortization expense for 2020 | 13,700 | |||
Research and Development Expense | 4,800 | 1,700 | 2,500 | |
Capitalized Computer Software, Net | 2,700 | 2,200 | ||
Capitalized Computer Software, Amortization | 600 | 500 | $ 700 | |
Goodwill, Period Increase (Decrease) | $ 500 | |||
Impairment of intangible assets, finite-lived | 1,087 | |||
Retail | ||||
Accounting Policies [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Goodwill | $ 500 | |||
Goodwill, Period Increase (Decrease) | 9,900 | |||
Used Trailers | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Additions | 12,800 | $ 26,800 | $ 26,200 | |
Accounts Payable, Trade | 2,100 | 10,000 | ||
Property Plant And Equipment Net Realizable Value | $ 2,200 | $ 10,000 | ||
Building and Building Improvements | ||||
Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 33 years |
Calculation of Basic and Dilute
Calculation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Basic net income per share | |||||||||||||||||||||||||||
Net income applicable to common stockholders | $ 104,289 | $ 60,930 | $ 46,529 | ||||||||||||||||||||||||
Undistributed earnings allocated to participating securities | 0 | (481) | (457) | ||||||||||||||||||||||||
Net income applicable to common stockholders excluding amounts applicable to participating securities | $ 104,289 | $ 60,449 | $ 46,072 | ||||||||||||||||||||||||
Weighted average common shares outstanding | 67,201 | 68,895 | 68,460 | ||||||||||||||||||||||||
Basic net income per share | $ 0.50 | $ 0.48 | $ 0.42 | $ 0.15 | $ 0.28 | $ 0.26 | $ 0.23 | $ 0.11 | $ 0.15 | $ 0.24 | $ 0.20 | $ 0.08 | $ 1.55 | $ 0.88 | $ 0.67 | ||||||||||||
Diluted net income per share: | |||||||||||||||||||||||||||
Net income applicable to common stockholders | $ 104,289 | $ 60,930 | $ 46,529 | ||||||||||||||||||||||||
Undistributed earnings allocated to participating securities | 0 | (481) | (457) | ||||||||||||||||||||||||
Net income applicable to common stockholders excluding amounts applicable to participating securities | $ 104,289 | $ 60,449 | $ 46,072 | ||||||||||||||||||||||||
Weighted average common shares outstanding | 67,201 | 68,895 | 68,460 | ||||||||||||||||||||||||
Dilutive shares from assumed conversion of convertible senior notes | 1,128 | 1,354 | 63 | ||||||||||||||||||||||||
Dilutive stock options and restricted stock | 1,039 | 814 | 558 | ||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 69,368 | 71,063 | 69,081 | ||||||||||||||||||||||||
Diluted net income per share | $ 0.50 | [1] | $ 0.47 | [1] | $ 0.41 | [1] | $ 0.15 | [1] | $ 0.27 | [1] | $ 0.25 | [1] | $ 0.23 | [1] | $ 0.10 | [1] | $ 0.15 | [1] | $ 0.23 | [1] | $ 0.20 | [1] | $ 0.08 | [1] | $ 1.50 | $ 0.85 | $ 0.67 |
[1] | Basic and diluted net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may differ from annual net income per share due to rounding. |
Per Share Of Common Stock - Add
Per Share Of Common Stock - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | |||
Average diluted shares outstanding | 666 | 581 | 1,121 |
Debt Instrument, Convertible, Conversion Price | $ 11.70 |
Future Minimum Lease Payments R
Future Minimum Lease Payments Required Under These Lease Commitments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leased Assets [Line Items] | |
Capital Leases 2016 | $ 943 |
Capital Leases 2017 | 594 |
Capital Leases 2018 | 453 |
Capital Leases 2019 | 361 |
Capital Leases 2020 | 361 |
Capital Leases Thereafter | 389 |
Capital Leases Total minimum lease payments | 3,101 |
Interest | (420) |
Present value of net minimum lease payments | 2,681 |
Operating Leases 2016 | 3,458 |
Operating Leases 2017 | 2,688 |
Operating Leases 2018 | 1,267 |
Operating Leases 2019 | 628 |
Operating Leases 2020 | 137 |
Operating Leases Thereafter | 0 |
Operating Leases Total minimum lease payments | $ 8,178 |
Lease Arrangements - Additional
Lease Arrangements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 6.2 | $ 5.8 | $ 4.6 |
Components of Long Term Debt (D
Components of Long Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Principal amount of convertible notes outstanding | $ 323,548 | $ 344,490 |
Less: unamortized discount | (10,596) | (19,217) |
Less: current portion | (37,611) | (496) |
LONG-TERM DEBT | 275,341 | 324,777 |
Term loan credit agreement | ||
Debt Instrument [Line Items] | ||
Principal amount of convertible notes outstanding | 191,399 | 192,845 |
Industrial revenue bond | ||
Debt Instrument [Line Items] | ||
Principal amount of convertible notes outstanding | 1,149 | 1,645 |
Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount of convertible notes outstanding | $ 131,000 | $ 150,000 |
Maturities of Long-Term Debt (D
Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Maturities Of Long Term Debt [Line Items] | ||
2,016 | $ 37,611 | |
2,017 | 2,466 | |
2,018 | 97,856 | |
2,019 | 1,928 | |
2,020 | 1,928 | |
Thereafter | 181,759 | |
Maturities of long-term debt | $ 323,548 | $ 344,490 |
Equity and Liability Components
Equity and Liability Components of Notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Principal amount of convertible notes outstanding | $ 323,548 | $ 344,490 |
Unamortized discount of liability component | (10,596) | (19,217) |
Less: current portion | (37,611) | (496) |
Long-term debt | 275,341 | 324,777 |
Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Principal amount of convertible notes outstanding | 131,000 | 150,000 |
Unamortized discount of liability component | (9,732) | (15,399) |
Net carrying amount of liability component | 121,268 | 134,601 |
Less: current portion | (35,165) | 0 |
Long-term debt | 86,103 | 134,601 |
Carrying value of equity component, net of issuance costs | $ 15,810 | $ 20,993 |
Remaining amortization period of discount on the liability component | 2 years 3 months 18 days | 3 years 3 months 18 days |
Contractual Coupon Interest Exp
Contractual Coupon Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Contractual coupon interest expense | $ 5,063 | $ 5,063 | $ 5,063 |
Accretion of discount on the liability component | $ 4,256 | $ 3,973 | $ 3,710 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Dec. 15, 2015USD ($) | Jun. 04, 2015USD ($) | Mar. 19, 2015USD ($) | Apr. 30, 2013USD ($) | Nov. 30, 2012USD ($) | Apr. 30, 2012USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 29, 2016USD ($) | May. 31, 2012USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 323,548,000 | $ 344,490,000 | ||||||||||
Notes initial conversion price | $ / shares | $ 11.70 | |||||||||||
Current portion of long-term debt | $ 37,611,000 | 496,000 | ||||||||||
Debt issuance costs paid | 2,587,000 | 0 | $ 981,000 | |||||||||
Interest expense | 19,548,000 | 22,165,000 | 26,308,000 | |||||||||
Line of credit facility, decrease, repayments | 1,134,000 | 806,000 | 1,166,000 | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 13,203,000 | 87,000 | 305,000 | |||||||||
Gains (losses) on extinguishment of debt, total | (5,808,000) | (1,042,000) | (1,889,000) | |||||||||
Shareholders' Equity | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, repurchase amount | $ 54,200,000 | |||||||||||
Debt instrument, repurchased face amount | 19,000,000 | |||||||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, current liabilities, long-term debt | 22,900,000 | |||||||||||
Gains (losses) on extinguishment of debt, total | $ 200,000 | |||||||||||
Shareholders' Equity | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, repurchase amount | $ 35,200,000 | |||||||||||
Loan Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 2,500,000 | |||||||||||
Notes issued, interest rate | 4.25% | |||||||||||
Long-term debt | 1,100,000 | |||||||||||
Current portion of long-term debt | 500,000 | |||||||||||
Debt Instrument, Maturity Date, Description | matures in March 2018 | |||||||||||
Convertible Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 150,000,000 | 150,000,000 | ||||||||||
Notes issued, interest rate | 3.375% | |||||||||||
Convertible Senior Notes | Walker Group Holdings LLC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from issuance of convertible senior notes | $ 145,100,000 | |||||||||||
Debt Instrument Maturity Year | 2,018 | |||||||||||
Unsecured Debt | Convertible Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, interest payment frequency | semi-annually | |||||||||||
Notes initial conversion rate per 1,000 in principal amount | 85.4372 | |||||||||||
Principal amount of notes conversation for 85.4372 shares of common stock | $ 1,000 | |||||||||||
Notes initial conversion price | $ / shares | $ 11.70 | |||||||||||
Convertible notes, conversation date | Nov. 1, 2017 | |||||||||||
Proceeds from notes issued | $ 1,000 | |||||||||||
Estimated implied interest rate | 7.00% | |||||||||||
Fair value of liability component upon issuance | $ 123,800,000 | |||||||||||
Difference between cash proceeds before offering expenses and the estimated fair value of liability component | 21,700,000 | |||||||||||
Proceeds from issuance of convertible senior notes | 145,500,000 | |||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,000,000 | |||||||||||
Unsecured Debt | Convertible Senior Notes | Scenario 1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of consecutive trading days | 30 days | |||||||||||
Last reported sale price of common stock as percentage of conversion price | 130.00% | |||||||||||
Unsecured Debt | Convertible Senior Notes | Scenario 2 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Convertible senior notes, trading price per $1,000 principal amount of notes as percentage of the product of the last reported sale price of common stock and the conversion rate | 98.00% | |||||||||||
Amended Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 1,400,000 | 42,100,000 | 62,800,000 | |||||||||
Interest Paid | 8,500,000 | 10,000,000 | 14,900,000 | |||||||||
Debt issuance costs paid | 900,000 | |||||||||||
Interest expense | 200,000 | 900,000 | $ 900,000 | |||||||||
Other Expenses | 5,300,000 | |||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 150,000,000 | |||||||||||
Credit facility, borrowing capacity | $ 175,000,000 | |||||||||||
Credit facility, interest rate above basis | 12.50% | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 347,900,000 | |||||||||||
Debt Instrument, Term | 5 years | |||||||||||
Line Of Credit Facility Amendment Description | Liquidity of at least $125 million and (y) availability under the Credit Facility of at least $25 million. Liquidity, as defined in the Credit Agreement, reflects the difference between (i) the sum of (A) unrestricted cash and cash equivalents and (B) availability under the Credit Facility and (ii) the amount necessary to fully redeem the Notes. | |||||||||||
Debt Instrument, Maturity Date, Description | extends the maturity date of the Credit Facility from May 8, 2017 to June 4, 2020 | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 13,100,000 | |||||||||||
Debt Instrument Payment Description | Further, a mandatory principal payment is required for asset sales greater than $10.0 million, with the amount of the required payment equal to the excess above $10.0 million, or $3.1 million | |||||||||||
Revolving Credit Facility | Loan Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 10,000,000 | |||||||||||
Revolving Credit Facility | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | basis points (in lieu of the previous range from 175 basis points to 225 basis points), or (y) a base rate plus a margin ranging from 50 basis points to 100 basis points (in lieu of the previous range from 75 basis points to 125 basis points), in each case, based upon the monthly average excess availability under the Credit Facility, (ii) provides that the monthly unused line fee shall be equal to 25 basis points (which amount was previously 37.5 basis points) times the average unused availability under the Credit Facility, (iii) provides that if availability under the Credit Facility is less than 12.5% (which threshold was previously 15%) of the total commitment under the Credit Facility or if there exists an event of default, amounts in any of the Borrowers’ and the subsidiary guarantors’ deposit accounts (other than certain excluded accounts) will be transferred daily into a blocked account held by the Agent and applied to reduce the outstanding amounts under the Credit Facility | |||||||||||
Revolving Credit Facility | Senior Secured Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 175,000,000 | |||||||||||
Term Loan Credit Facilty | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | 191,399,000 | $ 192,845,000 | ||||||||||
Line of credit facility potential term extension period | 91 days | |||||||||||
Percentage of tranche loan amount on equal quarterly installments | 0.25% | |||||||||||
Term Loan Credit Facilty | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument Maturity Term Description | LIBOR (subject to a floor of 1.00%) plus a margin of 3.25% or (ii) a base rate plus a margin of 2.25%. | |||||||||||
Term Loan Credit Facilty | Tranche B-1 Loans | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | 192,800,000 | |||||||||||
Term Loan Credit Facilty | Tranche B-2 Loans | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 192,800,000 | |||||||||||
Credit facility, maturity date | Mar. 19, 2022 | |||||||||||
Term Loan Credit Facilty | Senior Secured Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Amount Outstanding | $ 300,000,000 | |||||||||||
Term Loan Credit Facilty | Incremental Senior Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, borrowing capacity | $ 75,000,000 | |||||||||||
Senior Secured Leverage Ratio | 3.00 to 1.00 | |||||||||||
Term Loan Credit Facilty | Amended Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 297,000,000 | |||||||||||
Long-term debt | 277,000,000 | |||||||||||
Line of credit facility, decrease, repayments | $ 20,000,000 | |||||||||||
Term Loan Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes issued, aggregate principal amount | $ 191,400,000 | |||||||||||
Debt Instrument Payment Percentage | 1.00% | |||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,900,000 | |||||||||||
Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 125,000,000 | |||||||||||
Minimum | Unsecured Debt | Convertible Senior Notes | Scenario 1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of trading days | 20 days | |||||||||||
Minimum | Revolving Credit Facility | Amended and Restated Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed Charge Coverage Ratio Minimum | 1 | |||||||||||
Maximum | Revolving Credit Facility | Amended and Restated Credit Agreement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, interest rate above basis | 3.25% | |||||||||||
Fixed Charge Coverage Ratio Minimum | 1.1 | |||||||||||
Maximum | Revolving Credit Facility | Amended and Restated Credit Agreement | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, interest rate above basis | 1.00% | |||||||||||
Maximum | Revolving Credit Facility | Amended and Restated Credit Agreement | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, interest rate above basis | 2.25% |
Financial Assets and Liabilitie
Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Capital Lease Obligations | $ 315,633 | $ 332,527 |
Convertible senior notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Capital Lease Obligations | 121,268 | 134,601 |
Term loan credit agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Capital Lease Obligations | 190,535 | 189,027 |
Industrial revenue bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Capital Lease Obligations | 1,149 | 1,645 |
Capital lease obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt and Capital Lease Obligations | 2,681 | 7,254 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Convertible senior notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Term loan credit agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Industrial revenue bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Capital lease obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 346,136 | 381,335 |
Fair Value, Inputs, Level 2 | Convertible senior notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 155,694 | 188,490 |
Fair Value, Inputs, Level 2 | Term loan credit agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 190,442 | 192,845 |
Fair Value, Inputs, Level 2 | Industrial revenue bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | Capital lease obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,830 | 8,899 |
Fair Value, Inputs, Level 3 | Convertible senior notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Term loan credit agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 | Industrial revenue bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,149 | 1,645 |
Fair Value, Inputs, Level 3 | Capital lease obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 2,681 | $ 7,254 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | $ 1.1 | $ 0.4 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | $ 8.4 | $ 7.4 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | |
Dec. 18, 2014 | Feb. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Repurchased During Period, Value | $ 60 | $ 100 | $ 60 | |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Business Acquisition Stockholders Rights Plan Exercise Description | The rights would be exercisable only if a person or a group acquired or announced a tender or exchange offer to acquire 20% or more of our common stock or if we entered into other business combination transactions not approved by our board of directors. | |||
Unclassified Preferred Stock | ||||
Preferred Stock, Shares Authorized | 25,000,000 | |||
Series D Junior Participating Preferred Stock | ||||
Preferred Stock, Par or Stated Value Per Share | $ 120 |
Fair Value of Stock Option Awar
Fair Value of Stock Option Awards Using a Binomial Option-Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.14% | 2.73% | 2.02% |
Expected volatility | 72.50% | 72.00% | 75.30% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term | 5 years | 5 years | 5 years |
Summary of All Stock Option Act
Summary of All Stock Option Activity (Detail) - Stock Option - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding at December 31, 2014 | 1,909,456 | |
Granted, Number of Options | 190,810 | |
Exercised, Number of Options | (186,622) | |
Forfeited, Number of Options | (9,656) | |
Expired, Number of Options | (83,032) | |
Options Outstanding at December 31, 2015 | 1,820,956 | 1,909,456 |
Options Exercisable at December 31, 2015 | 1,398,229 | |
Options Outstanding, Weighted Average Grant Date Fair Value | $ 11.79 | |
Granted, Weighted Average Exercise Price | 14.16 | |
Exercised, Weighted Average Exercise Price | 10.78 | |
Forfeited, Weighted Average Exercise Price | 12.16 | |
Expired, Weighted Average Exercise Price | 23.55 | |
Options Outstanding, Weighted Average Grant Date Fair Value | 11.61 | $ 11.79 |
Options Exercisable,Weighted Average Exercise Price, at December 31, 2015 | $ 11.25 | |
Options Outstanding,Weighted Average Remaining Contractual Life | 5 years 2 months 12 days | 5 years 6 months |
Options Exercisable, Weighted Average Remaining Contractual Life, at December 31, 2015 | 4 years 3 months 18 days | |
Options Outstanding, Aggregate Intrinsic Value | $ 2.3 | $ 3.3 |
Options Exercisable, Aggregate Intrinsic Value | $ 2.1 |
Summary of All Restricted Stock
Summary of All Restricted Stock Activity (Detail) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding at December 31, 2014 | 1,288,769 | ||
Granted, Number of shares | 667,126 | 572,052 | 521,181 |
Vested, Number of shares | (396,389) | ||
Forfeited, Number of shares | (21,390) | ||
Options Outstanding at December 31, 2015 | 1,538,116 | 1,288,769 | |
Options Outstanding, Weighted Average Grant Date Fair Value | $ 11.70 | ||
Granted, Weighted Average Grant Date Fair Value | 14.84 | ||
Vested, Weighted Average Grant Date Fair Value | 10.84 | ||
Forfeited, Weighted Average Grant Date Fair Value | 13.44 | ||
Options Outstanding, Weighted Average Grant Date Fair Value | $ 13.25 | $ 11.70 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation costs related to stock options, nonvested restricted stock, stock appreciation rights and performance units not yet recognized | $ 12,000 | ||||
Share-based Compensation, Total | $ 10,010 | $ 7,833 | $ 7,480 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award vesting period | 10 years | ||||
2011 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,500,000 | ||||
Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award vesting period | 3 years | ||||
Share based compensation arrangement by share based payment award options grants in period | 190,810 | 200,720 | 361,220 | ||
Share based compensation arrangement by share based payment award options grant date fair value | $ 1,700 | $ 1,700 | $ 2,200 | ||
Share based compensation arrangement by share based payment award options grants in period weighted average grant date fair value | $ 8.82 | $ 8.34 | $ 6.13 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 600 | $ 700 | $ 300 | ||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,538,116 | 1,288,769 | |||
Share based compensation arrangement by share based payment award options grants in period | 667,126 | 572,052 | 521,181 | ||
Share based compensation arrangement by share based payment award options grant date fair value | $ 9,900 | $ 7,900 | $ 5,000 | ||
Share based compensation arrangement by share based payment award option vested in period fair value | $ 5,600 | $ 5,200 | $ 600 | ||
Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award vesting period | 3 years | ||||
Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award vesting period | 1 year | ||||
Stock Appreciation Rights SARS | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award options grants in period | 326,250 | ||||
Share based compensation arrangement by share based payment award option vested in period fair value | $ 800 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award options grants in period | 434,661 | ||||
Share based compensation arrangement by share based payment award option vested in period fair value | $ 3,000 |
Employee Savings Plans - Additi
Employee Savings Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Savings Plans [Line Items] | |||
Labor and Related Expense | $ 7.2 | $ 5.7 | $ 4.9 |
Consolidated Income (loss) Befo
Consolidated Income (loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Domestic | $ 163,325 | $ 98,246 | $ 77,465 |
Foreign | (14) | 216 | 158 |
Total income before income taxes | $ 163,311 | $ 98,462 | $ 77,623 |
Consolidated Income Tax Expense
Consolidated Income Tax Expense (benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 58,090 | $ 19,036 | $ 158 |
State | 8,627 | 1,805 | 717 |
Foreign | 54 | 118 | 130 |
Current Income Tax Expense (Benefit), Total | 66,771 | 20,959 | 1,005 |
Deferred | |||
Federal | (7,930) | 12,913 | 26,792 |
State | 288 | 3,778 | 3,412 |
Foreign | (107) | (118) | (115) |
Deferred Income Tax Expense (Benefit), Total | (7,749) | 16,573 | 30,089 |
Total income tax expense | $ 59,022 | $ 37,532 | $ 31,094 |
Reconciliation of Differences f
Reconciliation of Differences from U.S. Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expenses [Line Items] | |||
Pretax book income | $ 163,311 | $ 98,462 | $ 77,623 |
Federal tax expense at 35% statutory rate | 57,159 | 34,462 | 27,168 |
State and local income taxes | 6,190 | 4,808 | 3,870 |
Benefit of domestic production deduction | (5,255) | (2,010) | 0 |
Other | 928 | 272 | 56 |
Total income tax expense | $ 59,022 | $ 37,532 | $ 31,094 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | ||
Tax credits and loss carryforwards | $ 563 | $ 2,550 |
Accrued liabilities | 9,211 | 6,882 |
Incentive compensation | 24,682 | 19,333 |
Other | 3,909 | 3,389 |
Deferred Tax Assets, Gross | 38,365 | 32,154 |
Deferred tax liabilities | ||
Property, plant and equipment | (4,000) | (2,858) |
Intangibles | (5,325) | (5,565) |
Prepaid assets | (697) | (638) |
Convertible note discount | (3,234) | (5,117) |
Other | (1,658) | (2,025) |
Deferred tax liability | (14,914) | (16,203) |
Net deferred tax asset before valuation allowances and reserves | 23,451 | 15,951 |
Valuation allowances | (1,159) | (1,307) |
Net deferred tax asset | $ 22,292 | $ 14,644 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized Tax Benefits Income Tax Penalties And Interest Expenses [Line Items] | ||
Balance | $ 10,648 | $ 10,971 |
Decrease in prior year tax positions | (23) | (323) |
Balance | $ 10,625 | $ 10,648 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 1,200 | $ 1,300 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 2,500 | ||
Unrecognized Tax Benefits | 10,625 | 10,648 | $ 10,971 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 1,100 | $ 300 | |
Operating Loss Carryforward Expiration Dates | expire beginning in 2016, if unused | ||
U.S. Federal | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Operating Loss Carryforward Expiration Dates | 2003 through 2015 | ||
Indiana State | |||
Investments, Owned, Federal Income Tax Note [Line Items] | |||
Operating Loss Carryforward Expiration Dates | 2003 through 2015 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) BRL in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 22, 2011USD ($) | Nov. 22, 2011BRL | Dec. 31, 2015USD ($) | Dec. 31, 2015BRL | May. 31, 2012USD ($) | Jun. 30, 2010USD ($) | |
Loss Contingencies [Line Items] | ||||||
Damages asserted by BK | BRL | BRL 20.8 | |||||
Accrual for Environmental Loss Contingencies | $ 100 | |||||
Business combination, recognized identifiable assets acquired and liabilities assumed, contingent liability | $ 2.9 | |||||
Purchase Obligation | $ 72.4 | |||||
Court-Imposed Interest, Fees or Inflation Adjustments | ||||||
Loss Contingencies [Line Items] | ||||||
Total ordered damages granted to Bk | $ 6.9 | |||||
Court-Imposed Interest, Fees or Inflation Adjustments | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Damages asserted by BK | $ 48 | |||||
Total ordered damages granted to Bk | BRL | BRL 26.7 | |||||
Arizona Department Of Environmental Quality | ||||||
Loss Contingencies [Line Items] | ||||||
Damages asserted by BK | 0.2 | |||||
Loss Contingency, Estimate of Possible Loss | 0.5 | |||||
Standby Letters Of Credit | ||||||
Loss Contingencies [Line Items] | ||||||
Letters of Credit Outstanding, Amount | $ 6 |
Reportable Segment Information
Reportable Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Sales | |||||||||||||||
Total Net Sales | $ 543,711 | $ 531,350 | $ 514,831 | $ 437,597 | $ 527,477 | $ 491,697 | $ 486,021 | $ 358,120 | $ 458,354 | $ 439,977 | $ 413,126 | $ 324,229 | $ 2,027,489 | $ 1,863,315 | $ 1,635,686 |
Depreciation and amortization | 37,998 | 38,829 | 38,336 | ||||||||||||
Income (Loss) from operations | 180,369 | 122,386 | 103,191 | ||||||||||||
Reconciling items to net income | |||||||||||||||
Interest expense | (19,548) | (22,165) | (26,308) | ||||||||||||
Other, net | 2,490 | (1,759) | 740 | ||||||||||||
Income tax expense | 59,022 | 37,532 | 31,094 | ||||||||||||
Net income | $ 33,286 | $ 31,880 | $ 28,649 | $ 10,474 | $ 19,088 | $ 18,307 | $ 16,239 | $ 7,296 | $ 10,423 | $ 16,236 | $ 14,135 | $ 5,735 | 104,289 | 60,930 | 46,529 |
External Customers | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 2,027,489 | 1,863,315 | 1,635,686 | ||||||||||||
Intersegment Sales | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 0 | 0 | 0 | ||||||||||||
Commercial Trailer Products | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 1,509,380 | 1,294,164 | 1,082,456 | ||||||||||||
Depreciation and amortization | 11,574 | 11,332 | 11,127 | ||||||||||||
Income (Loss) from operations | 158,805 | 81,141 | 57,543 | ||||||||||||
Commercial Trailer Products | External Customers | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 1,446,113 | 1,221,040 | 1,010,736 | ||||||||||||
Commercial Trailer Products | Intersegment Sales | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 63,267 | 73,124 | 71,720 | ||||||||||||
Diversified Products | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 428,021 | 466,238 | 458,653 | ||||||||||||
Depreciation and amortization | 22,853 | 23,806 | 23,320 | ||||||||||||
Income (Loss) from operations | 47,940 | 54,879 | 59,126 | ||||||||||||
Diversified Products | External Customers | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 415,093 | 453,160 | 444,804 | ||||||||||||
Diversified Products | Intersegment Sales | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 12,928 | 13,078 | 13,849 | ||||||||||||
Retail | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 167,291 | 190,080 | 181,486 | ||||||||||||
Depreciation and amortization | 2,136 | 2,061 | 2,029 | ||||||||||||
Income (Loss) from operations | 4,401 | 3,785 | 2,885 | ||||||||||||
Retail | External Customers | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 166,283 | 189,115 | 180,146 | ||||||||||||
Retail | Intersegment Sales | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 1,008 | 965 | 1,340 | ||||||||||||
Corporate and Eliminations | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | (77,203) | (87,167) | (86,909) | ||||||||||||
Depreciation and amortization | 1,435 | 1,630 | 1,860 | ||||||||||||
Income (Loss) from operations | (30,777) | (17,419) | (16,363) | ||||||||||||
Corporate and Eliminations | External Customers | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | 0 | 0 | 0 | ||||||||||||
Corporate and Eliminations | Intersegment Sales | |||||||||||||||
Net Sales | |||||||||||||||
Total Net Sales | $ (77,203) | $ (87,167) | $ (86,909) |
Major Product Categories and Pe
Major Product Categories and Percentage of Consolidated Net Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Product Information [Line Items] | |||
Total net sales | $ 2,027,489 | $ 1,863,315 | $ 1,635,686 |
Sales Revenue, Net [Member] | |||
Product Information [Line Items] | |||
Percentage of consolidated net sales | 100.00% | 100.00% | 100.00% |
Corporate and Eliminations | |||
Product Information [Line Items] | |||
Total net sales | $ (77,203) | $ (87,167) | $ (86,909) |
Commercial Trailer Products | |||
Product Information [Line Items] | |||
Total net sales | 1,509,380 | 1,294,164 | 1,082,456 |
Diversified Products | |||
Product Information [Line Items] | |||
Total net sales | 428,021 | 466,238 | 458,653 |
Retail | |||
Product Information [Line Items] | |||
Total net sales | 167,291 | 190,080 | 181,486 |
New Trailers | |||
Product Information [Line Items] | |||
Total net sales | $ 1,692,229 | $ 1,493,825 | $ 1,246,923 |
New Trailers | Sales Revenue, Net [Member] | |||
Product Information [Line Items] | |||
Percentage of consolidated net sales | 83.50% | 73.70% | 66.90% |
New Trailers | Corporate and Eliminations | |||
Product Information [Line Items] | |||
Total net sales | $ (60,467) | $ (72,862) | $ (71,888) |
New Trailers | Commercial Trailer Products | |||
Product Information [Line Items] | |||
Total net sales | 1,467,029 | 1,250,264 | 1,031,004 |
New Trailers | Diversified Products | |||
Product Information [Line Items] | |||
Total net sales | 218,028 | 227,382 | 204,812 |
New Trailers | Retail | |||
Product Information [Line Items] | |||
Total net sales | 67,639 | 89,041 | 82,995 |
Used Trailers | |||
Product Information [Line Items] | |||
Total net sales | $ 35,580 | $ 45,115 | $ 49,415 |
Used Trailers | Sales Revenue, Net [Member] | |||
Product Information [Line Items] | |||
Percentage of consolidated net sales | 1.80% | 2.20% | 2.70% |
Used Trailers | Corporate and Eliminations | |||
Product Information [Line Items] | |||
Total net sales | $ (2,562) | $ 0 | $ (5) |
Used Trailers | Commercial Trailer Products | |||
Product Information [Line Items] | |||
Total net sales | 19,962 | 23,576 | 33,443 |
Used Trailers | Diversified Products | |||
Product Information [Line Items] | |||
Total net sales | 4,558 | 4,593 | 3,158 |
Used Trailers | Retail | |||
Product Information [Line Items] | |||
Total net sales | 13,622 | 16,946 | 12,819 |
Components, parts and service | |||
Product Information [Line Items] | |||
Total net sales | $ 168,550 | $ 170,589 | $ 180,326 |
Components, parts and service | Sales Revenue, Net [Member] | |||
Product Information [Line Items] | |||
Percentage of consolidated net sales | 8.30% | 8.40% | 9.70% |
Components, parts and service | Corporate and Eliminations | |||
Product Information [Line Items] | |||
Total net sales | $ (14,116) | $ (14,183) | $ (14,811) |
Components, parts and service | Commercial Trailer Products | |||
Product Information [Line Items] | |||
Total net sales | 6,300 | 3,475 | 7,420 |
Components, parts and service | Diversified Products | |||
Product Information [Line Items] | |||
Total net sales | 93,251 | 100,764 | 106,312 |
Components, parts and service | Retail | |||
Product Information [Line Items] | |||
Total net sales | 83,115 | 80,533 | 81,405 |
Equipment and other | |||
Product Information [Line Items] | |||
Total net sales | $ 131,130 | $ 153,786 | $ 159,022 |
Equipment and other | Sales Revenue, Net [Member] | |||
Product Information [Line Items] | |||
Percentage of consolidated net sales | 6.40% | 15.70% | 20.70% |
Equipment and other | Corporate and Eliminations | |||
Product Information [Line Items] | |||
Total net sales | $ (58) | $ (122) | $ (205) |
Equipment and other | Commercial Trailer Products | |||
Product Information [Line Items] | |||
Total net sales | 16,089 | 16,849 | 10,589 |
Equipment and other | Diversified Products | |||
Product Information [Line Items] | |||
Total net sales | 112,184 | 133,499 | 144,371 |
Equipment and other | Retail | |||
Product Information [Line Items] | |||
Total net sales | $ 2,915 | $ 3,560 | $ 4,267 |
Segments And Related Informat66
Segments And Related Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Concentration Risk, Additional Characteristic | International sales, primarily to Canadian customers, accounted for less than 10% in each of the last three years. | ||
Sales Revenue, Net | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Five Largest Customers | Sales Revenue, Net | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 20.00% | 17.00% |
No Cutomers [Member] | Sales Revenue, Net | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Summary of the Unaudited Quarte
Summary of the Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Schedule of Quarterly Financial Information [Line Items] | |||||||||||||||||||||||||||
Net sales | $ 543,711 | $ 531,350 | $ 514,831 | $ 437,597 | $ 527,477 | $ 491,697 | $ 486,021 | $ 358,120 | $ 458,354 | $ 439,977 | $ 413,126 | $ 324,229 | $ 2,027,489 | $ 1,863,315 | $ 1,635,686 | ||||||||||||
Gross profit | 87,819 | 86,022 | 72,405 | 57,197 | 62,721 | 61,628 | 61,613 | 46,672 | 52,587 | 61,497 | 58,853 | 42,186 | 303,443 | 232,634 | 215,123 | ||||||||||||
Net income | $ 33,286 | $ 31,880 | $ 28,649 | $ 10,474 | $ 19,088 | $ 18,307 | $ 16,239 | $ 7,296 | $ 10,423 | $ 16,236 | $ 14,135 | $ 5,735 | $ 104,289 | $ 60,930 | $ 46,529 | ||||||||||||
Basic net income per share (in dollars per share) | $ 0.50 | $ 0.48 | $ 0.42 | $ 0.15 | $ 0.28 | $ 0.26 | $ 0.23 | $ 0.11 | $ 0.15 | $ 0.24 | $ 0.20 | $ 0.08 | $ 1.55 | $ 0.88 | $ 0.67 | ||||||||||||
Diluted net income per share (in dollars per share) | $ 0.50 | [1] | $ 0.47 | [1] | $ 0.41 | [1] | $ 0.15 | [1] | $ 0.27 | [1] | $ 0.25 | [1] | $ 0.23 | [1] | $ 0.10 | [1] | $ 0.15 | [1] | $ 0.23 | [1] | $ 0.20 | [1] | $ 0.08 | [1] | $ 1.50 | $ 0.85 | $ 0.67 |
[1] | Basic and diluted net income per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income per share may differ from annual net income per share due to rounding. |